Et Tu, Christie?
Corporate welfare isn’t just for banana republics the likes of which councilmembers routinely establish in the Queen City, doling out your hard-earned money to multi-million dollar corporations and making a mockery of any notion of a competitively level free market. The give-aways are endemic and, dare I say, widespread enough to envelope the considerable girth of New Jersey Gov. Chris Christie. This from the NY Times:
Since taking office in 2010, Gov. Chris Christie has approved a record $1.57 billion in state tax breaks for dozens of New Jersey’s largest companies after they pledged to add jobs. Mr. Christie has emphasized that these are prudent measures intended to help heal the state’s economy, which lost more than 260,000 jobs in the recession. The companies often received the tax breaks after they threatened to move to New York or elsewhere.
The generous distribution of subsidies in New Jersey has come under fire from government-reform groups, Mayor Michael R. Bloomberg of New York City and some New Jersey landlords, who contend that the programs are an expensive and ineffective form of assistance to wealthy corporations.
The critics pointed out that even when the promised jobs have not materialized, the Christie administration has merely reduced, not withdrawn, the subsidies. And they say that the administration is mortgaging the state’s future by forgiving so much tax revenue for the next 10 to 15 years.
Rotten bananas, the whole lot of them.
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