Tracking NJ’s Corporate Economic Subsidies

Tracking NJ's Corporate Economic SubsidiesNew Jersey has given some $1.9 billion in economic subsidies to companies of various sizes over the last five years in an effort to get them to relocate to or expand within the state, according to data from a national nonprofit policy research group.

That’s not necessarily a good thing, contend Good Jobs First — which on Thursday released a report titled “The Job-Creation Shell Game” and has made economic subsidy data for all the states available on its Subsidy Tracker website — and New Jersey Policy Perspective, a nonpartisan nonprofit organization studying state issues.

The report says that a number of states, including New Jersey, and metropolitan areas across the country waste billions of dollars every year giving out economic development subsidies to entice companies to move from one state or one area to another. The study contends that money would be better spent to create new jobs.

“What was long ago dubbed a Second War Between the States is, unfortunately, raging again in many parts of the country, and New Jersey is one of the leading participants,” said Greg LeRoy, executive director of Good Jobs First and principal author of the report. “The result is a vast waste of taxpayer funds, paying for the geographic reshuffling of existing jobs rather than new business activity. By pretending that these jobs are new, public officials and the recipient companies engage in what amounts to interstate job fraud.”

Read the rest of the post and view an interactive map at njspotlight.com.

Click here to sign up for Baristanet's free daily emails and news alerts.

5 COMMENTS

  1. Took me 3 clicks of the mouse to get to the bottom of Mr LeRoy’s pro-union , leftist agenda.

    “”Good Green Jobs First!

    One of the few bright spots in today’s U.S. economy is the prospect of growing numbers of “green jobs,“ or those that create renewable energy, improve energy efficiency, and reduce greenhouse gas emissions and other forms of global warming air pollution.

    Good Jobs First agrees with the nation’s leading green jobs advocacy organizations, such as the Apollo Alliance, Green for All, and the Blue-Green Alliance, that the promise of millions of new jobs and a healthier planet deserves broad public support and smart taxpayer…….blah blah blah….

    https://www.momentumconference.org/speaker-presentation/speaker/greg-leroy/presentation/the-power-of-momentum/index.html

  2. Gee, Bloomfield is not on the list. Oh right, we only give tax abatements to real estate developers who want to build apartments and condos, and that’s only because we don’t want any rateables and we need more kids in our schools.

Comments are closed.