Local and county governments are renewing their call for more financial help to counter rising expenses for health insurance and pension benefits. The New Jersey Association of Counties and the New Jersey State League of Municipalities are once again urging Gov. Phil Murphy to use federal COVID-19 relief funds to offset increases in health benefit expenses. Beyond facing a 24% premium increase for participating in the State Health Benefits Program, local governments are also facing double-digit pension contribution rate increases. Officials have been warning these higher costs could lead to property-tax increases, service cuts or layoffs. Meantime, Republican members of the state Senate budget committee are requesting a hearing on why health premiums are increasing by so much.
It could get even more expensive to put food on the table and once again it’s as a result of fallout from the Russian war in Ukraine. On Monday, wheat and corn prices climbed on the global market after Russia pulled out of a deal that would allow Ukraine to export grains. Ukraine is one of the world’s top grain producers. Meantime, diesel fuel prices have been rising as supplies are low. The increase in prices for both fuel and food is a reminder of how difficult it is to get inflation under control.
An Eatontown native has come up with a new business. Called Mojo, it’s like a stock market where people invest in athletes. Vinnie Bharara launched Mojo, a sports betting app, in New Jersey a few weeks ago. For example, after Jets tight end Tyler Conklin had a good day on the field Sunday, his stock was trading 10% higher early on Monday.
