The Campaign Spot

Jon Corzine Inherited Good Times, and Ended Them

Vice President Joe Biden, campaigning for New Jersey governor Jon Corzine, today: “Jon has said he governed in tough times. Let’s give him the chance to govern in good times.”

Corzine did get a chance to govern in good times. When Jon Corzine took office, the unemployment rate was 4.5 percent, a few tenths of a percentage point lower than the national average. The year Corzine took office, 4,039,000 New Jersyans went to work every morning; as of last month only 3,917,700 do. The year before Corzine took office, New Jersey had the third-heaviest tax burden in the nation; Corzine’s first year it jumped to first, and it has stayed there since. The per capita amount of taxes was $3,638 in 2005; it’s jumped to $4,376 in 2008. The month Jon Corzine took office, Quinnipiac asked residents how the economy was doing: while only three percent of New Jerseyans rated the state’s economy as “excellent,” 46 percent rated it as good and only 14 percent rated the state’s economy as “poor.”
Jon Corzine inherited good times, and promptly and steadily adopted policies that ended them.

House Republicans noticed another quote from Joe Biden today:

Today: Vice President Biden: “Well, it’s a depression — it’s a depression for millions of Americans, through no fault of their own,” he said. (ABC News 10/19)

September: Vice President Biden: “In my wildest dreams, I never thought it would work this well,” (The Wall Street Journal 9/24)

So, the stimulus is working, it’s working better than Biden ever expected, and yet we’re in a depression?


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