Lisa McCormick pre-empted the testimony of two former state senators, Ray Lesniak and Joe Kyrillos, who are expected to advocate such programs on Monday, by eviscerating corporate welfare with an op-ed published by InsiderNJ, the Garden State’s most trusted political news source.
McCormick, one of New Jersey’s most outspoken progressive leaders, said the “lawmakers are dead wrong about the benefits of corporate welfare.”
Lesniak and Kyrillos, who each sponsored laws giving benefits to corporations that threatened to move out of the state or promised to create jobs here, argue that Democratic Gov. Phil Murphy is wasting his time investigating the credits and incentives established under a 2013 law enacted by Republican Chris Christie.
About $8 billion was awarded under Christie through programs designed to create or retain jobs in the state.
Subsequently it was shown that much of the laws were crafted by a lobbyists connected to businesses that profited from the programs and applicants shared false or misleading information to qualify.
“Corporate welfare is an outcrop of Reaganomics, the discredited policy of getting out more by putting in less,” said McCormick. “Tax cuts did not increase government revenue. Legalizing and incentivizing the worst practices of greed did not result in shared wealth. Giving away taxpayer’s money to rich investors does not stimulate the economy.”
“For 50 years, America made great strides with progressive values and Keynesian economic policies,” said McCormick. “Graduated taxes that rose with one’s ability to pay and responsible public investments in the working people created a large, prosperous and growing middle class.”
“Rules that favor labor, protect consumers and make people better — with programs and services like free public education and Medicare — return more for our money because they invest in our future.
Reagan’s presidency set up our country for failure,” said McCormick.
“We’re on track for a $37 trillion national debt, the middle class fell from 65% to 40% of our population, and people with two jobs have trouble making ends meet,” said McCormick. “Forty years of Supply Side lunacy has left us broke and busted.”
“Corporate welfare is just one aspect of Reaganomics that has disappointed but it is a failure nonetheless,” said McCormick. “A return to liberal welfare-state policies as exhibited in the New Deal and Great Society programs that made America the richest nation on the planet is the only course of action that makes sense.”
“Corporate welfare and tax cuts for the rich should go extinct,” said McCormick.
It’s argued the tax credits and business subsidies create jobs, yet nationwide, not a single new job was created after years of such tax give-away programs. At most, the jobs are merely moved from state to state.
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