BY MICHAEL HAYNE

NEWJERSEYNEWSROOM.COM

COMMENTARY

No, this is not the Onion. Despite suffering damages in the billions, New Jersey may eventually see a slight economic boon if all goes well with the restoration payments.

It seems new expenditures on construction and the replacement of lost items will provide a modest “stimulus” to the economy in the next three years, according to analysis by three Rutgers University economists.

“Next year will be a better year for the state’s economy, assuming the rebuilding expenditure occurs,” said Joseph Seneca, a professor at Rutgers’ Edward J. Bloustein School of Planning and Policy, who co-authored the report.

But don’t start poorly singing Springsteen at the Shore just yet, as this slight boon is completely contingent on New Jersey getting reimbursement for the rebuilding from FEMA, as well as insurance payments to homeowners and public entities. And we’re all aware of Congress’ lack of leadership on Sandy before, including all the pork that Republican senators from unaffected states somehow saw fit to slip in. Indeed, this is why N.J. Democratic Rep. Andrews has vehemently called for a clean bill free of pork.

So if the Federal Government fails to act responsibly and the rebuilding is delayed, the Garden State will suffer huge tangible losses, including more than 19,000 jobs, $138 million in tax revenue, and more than $15 billion in state gross domestic product through 2015 according to the Rutgers Report.

“The critical thing is that the restoration expenditures become real and that they are spent to repair those capital losses,” Mr. Seneca said.

Don’t hold your breath, New Jersey.