For a little bit of good news, New Jersey Companies had Their Total After-Tax Earnings Increase By 86% During the Obama Administration from Annual 2008 to Annual 2016.
At first glance, that doesn't seem like much over an 8 year period. And nearly every other US State I researched had higher earnings growth rates.
But you have to look at the details, both the good and the not so good.
On the very good news side, New Jersey Manufacturing Companies, led by Honeywell, had their Total Net Income grow by a superb 301% from the year 2008 to the year 2016.
And just like their close neighbor New York, New Jersey Financial Companies, led by Prudential Financial, had their Total Net Income increase by $9.4 Bil or by an off-the-charts 759% from annual 2008 to annual 2016.
So what I have left to cover are New Jersey Health Care Cos, Utility Cos and Cos in All Other Sectors.
On the very good news side, the Cos in all Other Sectors (Retail, Technology, Services, etc.) had their Total Net Income increase by $6.0 Bil or by a superb 370% from annual 2008 to annual 2016.
Now for the not so good news.
New Jersey Utility Companies had their Total Net Income decline by 68% from 2008 to 2016. This explains why their annual 2017 and First Half 2018 Total Earnings have increased so much.
But the predominant reason that New Jersey Companies Total Net Income has only increased by 86% from 2008 to 2016, despite the exceptional earnings increases in Financial, Manufacturing and All Other Sectors, lies with the New Jersey Health Care Companies, which comprised 51% of the Total Net Income of all New Jersey Companies in 2016.
Believe it or not, New Jersey Health Care Companies Generated Total Net Income of $21.0 Bil in 2016, which was a decline of 3% from the $21.6 Bil they earned in 2008. And nearly all of these New Jersey Health Care Cos are Drug Companies and Medical Equipment, Supplies and Device Companies.
Where nearly everybody has it wrong, the major cause of US Health Care Costs being so high is not because of the huge profit increases of Drug Companies and Medical Manufacturing Companies ..... they certainly didn't exist in New Jersey Companies from 2008 to 2016. Nor did they exist in many Drug and Medical Manufacturing Cos in other US States.
Yeah, the huge increase in profits of US Health Insurance Cos is one of the causes of high US Health Care Costs ..... but not nearly the main one.
The predominant reason for high US Health Care Costs lies with the US Non-Profit Hospitals.
Just like US publicly-held companies, US Non-Profit Hospitals release their audited operating financial statements to the public.
And what they clearly show is that the last thing the large US Non-Profit Hospitals are is Non-Profit ..... instead, they are extremely profitable and hold a massive amount of investments in Stocks and Bonds, which were crushed with the 2008 financial meltdown, and recovered in the same fashion and same degree as did the Financial Cos in New York, in New Jersey and in other US States, with much help from Ben Bernanke and from the Obama Administration. Just saying.
Just like US publicly-held companies, US Non-Profit Hospitals release their audited operating financial statements to the public.
And what they clearly show is that the last thing the large US Non-Profit Hospitals are is Non-Profit ..... instead, they are extremely profitable and hold a massive amount of investments in Stocks and Bonds, which were crushed with the 2008 financial meltdown, and recovered in the same fashion and same degree as did the Financial Cos in New York, in New Jersey and in other US States, with much help from Ben Bernanke and from the Obama Administration. Just saying.
......................................................................
From a review of US SEC filings, there were 68
Companies effectively headquartered in New Jersey with stock market caps of
more than $1 Bil recently.
Nearly all Republicans, a high percentage of
Independents and even many perceptive Democrats all agree as a starting point
that for US capitalism to work properly, Companies must generate in the
aggregate reasonably healthy profits.
This didn’t happen with New Jersey Cos in either
the First Half of 2018 or in Annual 2017.
From a review of SEC filings, the chart below shows the Gold-Standard
US GAAP Pretax Income (Loss) From Continuing Operations for the First Half of
2018 and 2017 for these 68 New Jersey Companies.
| US | US | ||
| GAAP | GAAP | ||
| Pretax | Pretax | ||
| Income | Income | ||
| (Loss) | (Loss) | ||
| 6 Months | 6 Months | ||
| Ended | Ended | ||
| June | June | Better | |
| July | July | (Worse) | |
| New Jersey Companies | or Aug | or Aug | % |
| Market Caps Above $1 Bil | 2018 | 2017 | Change |
| mils $ | mils $ | ||
| Johnson & Johnson | 10,454 | 10,323 | 1% |
| Honeywell | 3,908 | 3,502 | 12% |
| Merck | 3,431 | 4,442 | -23% |
| Celgene | 2,337 | 2,192 | 7% |
| Prudential Financial | 1,984 | 2,388 | -17% |
| Cognizant Technology | 1,321 | 1,284 | 3% |
| Automatic Data Processing | 1,058 | 1,216 | -13% |
| Zoetis | 854 | 682 | |
| Becton Dickinson | 653 | (42) | 1655% |
| Quest Diagnostics | 516 | 554 | |
| PBF Energy | 436 | (215) | 303% |
| Church & Dwight | 356 | 307 | |
| CIT Group | 350 | 143 | |
| Verisk Analytics | 347 | 331 | |
| Everest Re Group Ltd | 279 | 614 | -55% |
| Dun & Bradstreet | 183 | 91 | |
| Burlington Stores | 179 | 138 | |
| Investors Bancorp | 154 | 137 | |
| Pinnacle Foods | 148 | 46 | |
| Valley National Bancorp | 147 | 135 | |
| Covanta Holding | 139 | (92) | |
| Bed Bath & Beyond | 129 | 280 | |
| New Jersey Resources | 128 | 152 | |
| Catalent | 122 | 104 | |
| John Wiley & Sons | 104 | 64 | |
| Selective Insurance Group | 92 | 127 | |
| Suburban Propane Partners LP | 91 | 54 | |
| Realogy Holdings | 90 | 146 | |
| Wyndham Hotels & Resorts | 84 | 137 | |
| Urban Edge Properties | 83 | 70 | |
| Cambrex | 80 | 61 | |
| J&J Snack Foods | 61 | 64 | |
| Provident Financial Services | 58 | 67 | |
| Cantel Medical | 55 | 53 | |
| AdvanSix | 53 | 85 | |
| Mack-Cali Realty | 52 | (16) | |
| PBF Logistics LP | 50 | 55 | |
| Phibro Animal Health | 48 | 43 | |
| B&G Foods | 38 | 86 | |
| Childrens Place | 32 | 45 | |
| Alexander's Inc | 32 | 43 | |
| Hudson Ltd | 30 | (1) | |
| Monmouth RE Investment Corp | 27 | 20 | |
| OceanFirst Financial | 25 | 27 | |
| Vonage Holdings | 25 | 5 | |
| Integra Lifesciences Holdings | 22 | 13 | |
| South Jersey Industries | 22 | 47 | |
| Movado Group | 21 | 4 | |
| Kearny Financial | 20 | 12 | |
| Universal Display | 18 | 74 | |
| Conduent | - | (33) | |
| Commvault Systems | (5) | (6) | |
| Pacira Pharmaceuticals | (8) | (40) | |
| PTC Therapeutics | (28) | (46) | |
| Tabula Rasa Health Care | (50) | (4) | |
| Avis Budget Group | (91) | (154) | |
| Amicus Therapeutics | (112) | (103) | |
| Insmed | (145) | (82) | |
| Immunomedics | (153) | (112) | |
| Newell Brands | (164) | 594 | -128% |
| Medicines Co | (171) | (464) | 63% |
| Campbell Soup | (321) | 687 | -147% |
| Allergan plc | (1,441) | (4,390) | 67% |
| Bausch Health Cos | (3,428) | (537) | -538% |
| Total all 64 Cos (No Utility Cos) | 24,808 | 25,407 | -2.4% |
| Utility Cos | |||
| Public Service Enterprise Group | 1,126 | 311 | 262% |
| American Water Works | 362 | 371 | |
| NRG Energy | 361 | (70) | 616% |
| NRG Yield | 102 | 49 | 108% |
| Total all 68 New Jersey Companies | 26,759 | 26,068 | 2.7% |
Also from a review of SEC filings, the chart below shows the Gold-Standard US GAAP Audited After-Tax Net Income (Loss) From Continuing Operations for Annual 2016 and Annual 2008, spanning the entire Obama Administration, for the 58 New Jersey Companies which reported both their 2016 and 2008 After-Tax Net Income (Loss) to the SEC and also which had stock market caps of more than $1 Bil.
| Obama | 2016 | Bush | 2008 | |||||
| Last | Audited | Last | Audited | |||||
| Year | Pretax | Year | Pretax | |||||
| in | Income | in | Income | 2016 | 2016 | |||
| Office | (Loss) | Office | (Loss) | vs | vs | |||
| New Jersey Companies | 2016 | From | 2008 | From | 2008 | 2008 | ||
| Stock Market Caps Above $1 Bil | City | State | Co | Continuing | Co | Continuing | Better | Better |
| HQs | HQs | FYE | Operations | FYE | Operations | (Worse) | (Worse) | |
| $ mils | $ mils | $ mils | % | |||||
| Health Care Companies | ||||||||
| Johnson & Johnson | New Brunswick | NJ | Dec 16 | 16,540 | Dec 08 | 12,949 | ||
| Merck | Kenilworth | NJ | Dec 16 | 3,941 | Dec 08 | 7,932 | ||
| Celgene | Summit | NJ | Dec 16 | 1,999 | Dec 08 | (1,534) | ||
| Becton Dickinson | Franklin Lakes | NJ | Sep 16 | 976 | Sep 08 | 1,023 | ||
| Quest Diagnostics | Madison | NJ | Dec 16 | 696 | Dec 08 | 645 | ||
| CR Bard | Murray Hill | NJ | Dec 16 | 531 | Dec 08 | 419 | ||
| Catalent Inc | Somerset | NJ | Jun 17 | 110 | Jun 09 | (198) | ||
| Cambrex Corp | East Rutherford | NJ | Dec 16 | 87 | Dec 08 | 8 | ||
| Integra Lifesciences Holdings | Plainsboro | NJ | Dec 16 | 75 | Dec 08 | 28 | ||
| Cantel Medical Corp | Little Falls | NJ | Jul 16 | 60 | Jul 08 | 9 | ||
| Pacira Pharmaceuticals Inc | Parsippany | NJ | Dec 16 | (38) | Dec 08 | (42) | ||
| The Medicines Co | Parsippany | NJ | Dec 16 | (119) | Dec 08 | (9) | ||
| Immunomedics | Morris Plains | NJ | Jun 17 | (153) | Jun 09 | 2 | ||
| Insmed | Bridgewater | NJ | Dec 16 | (176) | Dec 08 | (16) | ||
| Amicus Therapeutics Inc | Cranbury | NJ | Dec 16 | (200) | Dec 08 | (39) | ||
| Allergan plc (was Actavis) | Parsippany | NJ | Dec 16 | (935) | Dec 08 | 238 | ||
| Bausch Health | Bridgewater | NJ | Dec 16 | (2,408) | Dec 08 | 200 | ||
| Total all 17 Health Care Companies | 20,986 | 21,615 | (629) | -3% | ||||
| Utility Companies | ||||||||
| Public Service Enterprise Group | Newark | NJ | Dec 16 | 887 | Dec 08 | 918 | ||
| American Water Works | Camden | NJ | Dec 16 | 468 | Dec 08 | (529) | ||
| NRG Energy | Princeton | NJ | Dec 16 | (891) | Dec 08 | 1,053 | ||
| Total 3 Utility Companies | 464 | 1,442 | (978) | -68% | ||||
| Financial Companies | ||||||||
| Prudential Financial | Newark | NJ | Dec 16 | 4,419 | Dec 08 | (1,358) | ||
| Automatic Data Processing | Roseland | NJ | Jun 17 | 1,733 | Jun 09 | 1,323 | ||
| Everest Re Group Ltd | Liberty Corner | NJ | Dec 16 | 996 | Dec 08 | (19) | ||
| Investors Bancorp | Short Hills | NJ | Dec 16 | 192 | Jun 09 | (65) | ||
| Valley National Bancorp | Wayne | NJ | Dec 16 | 168 | Dec 08 | 92 | ||
| Avis Budget Group | Parsippany | NJ | Dec 16 | 163 | Dec 08 | (1,124) | ||
| Selective Insurance Group | Branchville | NJ | Dec 16 | 158 | Dec 08 | 44 | ||
| Mack Cali Realty Corp | Edison | NJ | Dec 16 | 130 | Dec 08 | 62 | ||
| Dun & Bradstreet | Short Hills | NJ | Dec 16 | 107 | Dec 08 | 312 | ||
| Provident Financial Services | Jersey City | NJ | Dec 16 | 88 | Dec 08 | 42 | ||
| Alexanders Inc | Paramus | NJ | Dec 16 | 86 | Dec 08 | 64 | ||
| Monmouth RE Inv Corp | Freehold | NJ | Sep 16 | 32 | Sep 08 | 4 | ||
| OceanFirst Financial | Toms River | NJ | Dec 16 | 23 | Dec 08 | 15 | ||
| Kearny Financial Corp | Fairfield | NJ | Jun 17 | 19 | Jun 09 | 6 | ||
| CIT Group | Livingston | NJ | Dec 16 | (183) | Dec 08 | (632) | ||
| Total 15 Financial Cos | 8,131 | (1,234) | 9,365 | 759% | ||||
| Manufacturing Companies | ||||||||
| Honeywell | Morris Plains | NJ | Dec 16 | 4,809 | Dec 08 | 789 | ||
| Campbell Soup | Camden | NJ | Jul 16 | 563 | Jul 08 | 671 | ||
| Newell Brands | Hoboken | NJ | Dec 16 | 529 | Dec 08 | (48) | ||
| Church & Dwight | Ewing | NJ | Dec 16 | 459 | Dec 08 | 195 | ||
| Pinnacle Foods | Parsippany | NJ | Dec 16 | 211 | Dec 08 | (29) | ||
| John Wiley & Sons | Hoboken | NJ | Apr 17 | 114 | Apr 09 | 128 | ||
| B&G Foods | Parsippany | NJ | Dec 16 | 109 | Dec 08 | 10 | ||
| J & J Snack Foods Corp | Pennsauken | NJ | Sep 16 | 76 | Sep 08 | 28 | ||
| Universal Display Corp | Ewing | NJ | Dec 16 | 48 | Dec 08 | (19) | ||
| Total all 9 Manufacturing Companies | 6,918 | 1,725 | 5,193 | 301% | ||||
| Companies in Other Sectors | ||||||||
| Cognizant Technology Solutions | Teaneck | NJ | Dec 16 | 1,553 | Dec 08 | 431 | ||
| Bed Bath & Beyond | Union | NJ | Feb 17 | 685 | Feb 09 | 425 | ||
| Wyndham Worldwide | Parsippany | NJ | Dec 16 | 612 | Dec 08 | (1,074) | ||
| Verisk Analytics | Jersey City | NJ | Dec 16 | 452 | Dec 08 | 158 | ||
| PBF Energy Inc | Parsippany | NJ | Dec 16 | 226 | Dec 08 | (6) | ||
| Realogy Holdings Corp | Madison | NJ | Dec 16 | 217 | Dec 08 | (1,764) | ||
| Burlington Stores | Florence | NJ | Jan 17 | 216 | May 09 | (192) | ||
| New Jersey Resources Corp | Wall | NJ | Sep 16 | 132 | Sep 08 | 109 | ||
| South Jersey Industries | Folsom | NJ | Dec 16 | 119 | Dec 08 | 77 | ||
| Childrens Place Inc | Secaucus | NJ | Jan 17 | 102 | Jan 09 | 79 | ||
| Vonage Holdings | Holmdel | NJ | Dec 16 | 18 | Dec 08 | (65) | ||
| Suburban Propane Partners LP | Whippany | NJ | Sep 16 | 14 | Sep 08 | 111 | ||
| CommVault Systems Inc | Tinton Falls | NJ | Mar 17 | 1 | Mar 09 | 12 | ||
| Covanta Holding Corp | Morristown | NJ | Dec 16 | (4) | Dec 08 | 92 | ||
| Total 14 Cos in Other Sectors | 4,343 | (1,607) | 5,950 | 370% | ||||
| Total all 58 New Jersey Cos | 40,842 | 21,941 | 18,901 | 86% |
