New Jersey

Taking Action on Job Creation: Invest Michigan! Fund

In the past few years states have become increasingly unwillingly torely on the chance that volatile global investment markets will chooseto invest in their local communities. Instead, states are choosing todirectly invest themselves in local emerging opportunities.  The greatadvantage of direct investment, instead of simply raiding the statetreasury and giving away corporate welfare, is that by making directinvestment in local businesses, states create a financial stake infirms.  If these businesses are successful, they will return equity tothe tax payers that can be reinvested in other projects.  According to the National Association of Seed and Venture Fund, as of 2006, all but six states had state venture capital funds.

Some Bad Corporate Tax Ideas in New Jersey Governor's Economic Recovery Proposal

Addressing the recession affecting New Jersey, as well as many other states, New Jersey Governor Jon Corzine last week presented a plan for reviving the state economy.  Some of the proposals - such as speeding up work on infrastructure projects and putting $500 million of state pension money in community banks to spur lending to local businesses - are smart and desperately needed.

States React to Arizona Court Decision on "Fair Fight Funds" in Publicly Financed Elections

After an Arizona federal district court, relying on a recent US Supreme Court decision, declared a provision of that state’s clean elections law unconstitutional, other states are having to decide how to move forward on clean elections in their states.

Given that this was just one decision by a lower court, the California legislature approved AB 583 on August 30th, one day after the Arizona ruling.  This legislation, sponsored by Rep. Loni Hancock, creates a public financing pilot program for the Secretary of State race in 2014.  For the law to go into effect it must first be approved by voters next year.  On the other hand, New Jersey legislators overreacted to the decision and Assembly Speaker Joseph Roberts Jr. announced that he would not seek to renew clean elections legislation (AB 100) in the upcoming session. 

Making College Affordable for All

The benefits of a post-secondary degree are plentiful.  For example, an employee with a four year college degree earns 60 percent more than a worker with only a high school diploma. Paying for college, however, has become a daunting task and strain for many American students and families.  The cost of higher education across the country is rapidly increasing, at almost double the rate of inflation, outpacing increases in financial aid and many families ability to pay.  The combination of these factors result in too many students being unable to earn or complete their degrees due to financial constraints.

Bills that Made a Difference in 2008

Even with many states having short sessions, the 2008 state legislative sessions have already had some impressive milestone victories for families and communities across the country.  This Dispatch covers a few of the key issue victories this year -- and points out that states are still taking the lead on issue after issue.  Most of the bills highlighted became law, while a few, falling short of final passage, were innovative enough and showed enough movement to promise greater things for 2009.

State Pension Funds to be Invested in State Job Creation in Florida

Florida Governor Charlie Crist recently signed an economic stimulus plan for the state that redirects $1.95 billion of the state's pension fund into direct investments in Florida's economy. The amount is limited to 1.5 percent of the state's pension money, but even that limited percentage can add up to massive investments in jobs for the state's residents.

In creating the program, legislators and the Governor pointed to the success of similar programs in other states, particularly the California Public Employees' Retirement System (CalPERS), the nation's largest pension fund. A recent study found the California fund's in-state investments had fed an estimated $15.1 billion into in-state economic activity in 2006 and created 124,000 jobs, more jobs than the construction or motion picture industries.