Corzine Doesn't Fail To Disappoint

What does Democrat Governor Jon Corzine do when faced with stagnant employment figures in New Jersey? Rejigger state programs and boost state spending to try and get companies to disregard the onerous tax burden facing companies and individuals in New Jersey.

The governor, in his speech and in a 34-page booklet, mapped out a six-pronged plan on how to achieve those goals. Corzine noted, however, that due to budgetary constraints, most of the plan will be carried out by redeploying and refocusing existing resources.

The state will create two new business incubation funds. The $150 million Edison Innovation Fund will be used to support research at universities and the commercialization of innovations in life sciences, communications and stem cell research.

A second fund, of $185 million, will be used to invest in -- and make loans to -- small businesses in urban areas.

Corzine said he expects private capital to supplement the state's effort.

He also wants to reinforce workforce development programs and increase investment in the state's transportation infrastructure. The governor additionally wants to make the state more accessible to foreign companies.

For a budget that is already bloated and which the tax burden is already high, does anyone else see a problem with spending $335 million on programs to encourage businesses to stick around? Instead of spending this money, reduce business taxes and fees by a corresponding amount. This spending isn't creating jobs anywhere other than in the government sector, and businesses know what Corzine doesn't - they want a reduced tax burden and will go elsewhere unless that happens.

That's why the state keeps losing jobs to low tax states despite a strong economic picture for the past several years.