Could a new stimulus plan help create jobs in New Jersey?

The New Jersey Legislature is expected to meet later this week to hear Governor Jon Corzine’s plan to create energy sector and highway construction jobs and protect neighborhoods by purchasing foreclosed homes. According to an article by Newsday, the state is predicting the national economy will get worse before it gets better and is trying to find a way to protect itself.

In August 2008, New Jersey had a total non-farm employment of 4,066,600 workers, down from 4,068,800 jobs in July and a decrease of .2 percent from last year. The state saw an unemployment rate of 5.9 percent in August, up from 5.4 percent in July, according to the United States Department of Labor Bureau of Labor Statistics. Recently appearing on Meet the Press and Eyewitness News Up Close, Corzine stated that many people have lost confidence as the financial markets slid in recent weeks and therefore are hesitant to spend money.

“Corzine says there’s ‘no question’ the unemployment rate will rise,” the article notes. “He says his economic stimulus plan is designed to help New Jerseyans cope with the recession. ”

At the same time as Corzine, a Democrat, is trying to put his plan into motion, Republicans in New Jersey plan to announce their own version of an economic stimulus plan next week.

To create more New Jersey jobs and protect existing positions, leaders say its important for New Jersey to enact a series of business-friendly measures. Such measures could include legislation to modify the state’s business retention and relocation program, as well as a bill to eliminate taxing a corporation’s net income, including income on sales made outside New Jersey.