Corzine needs to get out of the way

Jon Corzine has called an economic summit today to come up with a plan for New Jersey to weather the turbulence before us as a result of the melt down on Wall Street. "To stand still is to fall behind," the governor said in a statement. "We need action, and we need it now."

Corzine has made a career in both the private sector and in the public sector of creating and stimulating the kind of excesses that have lead to crisis on Wall Street. Rather than act now or stand still, Corzine should get out of the way and let the guy who fired him from Goldman Sachs, U.S. Treasury Secretary Henry Paulsen, lead the financial markets through these times of readjustment and the correction of excesses that Corzine helped to create.

As Governor of New Jersey, Corzine has no power to stimulate the New Jersey economy. He has the power to choke it, as he has done since he has been in office, following in the footsteps of his predecessors.

Since he didn't invite me to the forum, I'll tell Corzine what he needs to do right here.

Since it is not likely that he will join the ranks of the 652 state workers (out of 3000 promised) who took the early retirement program and quit, this is what Corzine should do:

He should use his meeting this afternoon to figure out where to cut the state government payroll. He has to cut the payroll. The budget passed just last June was based on faulting revenue projections. Sales tax revenue and Income tax revenue will not be anything close to what was expected, given recent events. He should cut at least 10,000 jobs.

Corzine's early retirement program, which he said would reduce the state payroll by 3000 people didn't work. Only 652 state workers took the buyout. Now Corzine must lay people off just to make ends meet. The government payroll has grown by over 10,000 people since the year 2000. There is plenty of room for layoffs without a reduction in essential services.

After cutting the payroll, Corzine should undo all the business and personal tax increases that the McGreevey, Codey and Corzine administrations have used to choke economic growth for the last eight years.

Then he should get out of the way and watch the private sector heal itself. Private enterprises will absorb those 10,000 people, those who actually want to work and know how to work, into the economy within a year and government revenue will start to increase.

While he's letting the economy grow itself, Corzine should fix the government. Upgrade technology, eliminate waste and duplication, cut dead wood. Amend the constitution to reverse the devastating effects of the Abbott and Mt. Laurel decisions and to put the State Supreme Court in its place.