"A Cautionary Tale"

Why did San Francisco get all the Liberals, New York all the lawyers and New Jersey all the toxic waste?
New Jersey got first pick!

"A Cautionary Tale" is what Kim du Toit calls it. An example of what happens when Democrats control both the executive and legislative branches of government...in this case, New Jersey!

...the state’s real decline started with the election of Jim McGreevey and a Democratic-controlled legislature in 2001.

In the middle of a recession, McGreevey and the legislature raised taxes and fees an astonishing 33 times to raise $3.6 billion. The state also passed a heap of labor-friendly, antibusiness laws that rapidly worsened conditions. The McGreevey administration hammered an executive at one of the state’s biggest employers, Federated Department Stores, for announcing that the new taxes would force the company to reevaluate future growth plans in Jersey; is it any surprise that one reason the state’s newspapers are suffering today, according to an ad executive, is retrenchment of local department stores? In 2002, the Beacon Hill Institute rated Jersey 26th among the states in overall competitiveness, but by 2004 Jersey had plummeted to 44th, the largest decline of any state, noted the institute, which also ranked Jersey’s government performance next to last among the states—in case you were wondering what prompted the decline.

Yet Jersey’s leaders have learned little. In 2006, the state enacted several billion dollars of new taxes. And Governor Jon Corzine recently signed into law one of the most astonishingly anti-growth and simply foolish (there is really no other word for it) pieces of state legislation in memory. The new law requires towns hosting private-sector commercial or residential development to build subsidized affordable housing as well. Towns say that they will have to tax developers and raise property taxes to pay for this. If you knew nothing about New Jersey, you might assume that the state was prospering and that its developers were rolling in money. But the state’s commercial vacancy rate is a whopping 19 percent (by contrast, Manhattan’s is about 7 percent), and prospects for filling up that empty space are slim, considering that a recent national survey of corporate executives ranked Jersey as one of the least attractive places to expand. A state in desperate need of business just made doing business even more expensive. -Steven Malanga

Now, picture that, instead of a state (which you can more easily exit), we have an entire country governed by those (I hate to call them this) principles.

The job you save may be your own! This Fall, vote like your nation depended on it!

Cross Posted at Say Anything