When it comes to states in economic disarray, California deservedly gets the lion's share of attention.
But don't sell New Jersey short. Writing in today's Wall Street Journal, columnist William McGurn calls New Jersey the "perfect bad example" for Barack Obama to consider as he attempts to bring the nation's economy back to life:
When Barack Obama makes his New Year's resolutions, at the top of his list ought to be the following: "I will not allow America to become New Jersey."
Think of it as our gift to the nation. Other states offer promising experiments in areas such as Medicaid, taxes, education and regulatory reform. In contrast, the People's Republic of New Jersey offers America something truly unique: the perfect bad example.
As harmful as this has been for our own prosperity, our example could be invaluable for President-elect Obama. That's especially true given that his team appears to be considering some of the same things that have long been popular in Trenton. For years, the solons in our state capital have operated on the assumption that you can have high taxes everywhere -- on income, on property, on business -- without suffering any consequences.
Well, Gov. Jon Corzine is now dealing with those consequences, and his budgets show it. Earlier this year, he pushed through a budget that was one of the few in New Jersey history to be less than the one that preceded it. With revenues now running $1.2 billion short of what was expected, the next budget will undoubtedly be tougher still.
Not all of Mr. Corzine's choices have been good ones. In fairness, however, he is dealing with huge problems that have been years in the making. In some ways, we are a mini-California. That is to say, where New Jersey was once a national leader in terms of economic growth and job creation, more recently we have become a national laggard.
Read the rest here.
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