newjerseynewsroom.com

BY STEPHEN M. SWEENEY AND SHEILA Y. OLIVER

COMMENTARY

When the latest unemployment numbers were released several weeks ago, the report served as a reminder of how far New Jersey still has to go to put the recession in the rear-view mirror. At 9.2 percent, the state has show small improvement, and a marked improvement from last year, when unemployment peaked a 9.9 percent.

But count us among those not yet in a mood for celebrating. Even with last month's gains, no one should take solace in a jobless rate that continues to hover above 9 percent. Worse yet, while the creation of some new private sector jobs has occurred, recent drops in unemployment also point to the fact that many long-term unemployed have simply given up ever finding work and have left the job market entirely.

Putting New Jersey back to work is essential if we are to be successful in tackling the many other problems we face. People won't be able to pay their property taxes if they don't have a job. Small businesses won't be able to succeed if people don't have money to spend in their stores. All of the broader challenges facing New Jersey circle back to the need to create jobs.

The day before Thanksgiving, we unveiled "Back to Work NJ" — a legislative initiative to create jobs, lure new businesses and jumpstart economic development. Over the past week, committees in both the Senate and Assembly have come together to move nearly three-dozen bills, and with the new year the Legislature will cast its votes and send these measures to the Governor to sign so we can get the unemployed back into jobs and make New Jersey once again an attractive place for businesses to locate.

One thing we can all agree on is the need to create new jobs and reinvigorate our economy. In large part, we are taking our cues directly from the business community. Since early fall, we have regularly convened roundtable meetings of business leaders from every region of the state and sector of the economy to hear their ideas for jumpstarting economic development, improving our business image and creating jobs. "Back to Work NJ" puts ideas garnered from that group into action.

We learned that modernizing New Jersey's business tax code is essential if we are to ever give up our reputation as a business-unfriendly state. As crazy as it seems, our corporate tax code has for years given preferential treatment to out-of-state companies that just do business in New Jersey instead of the businesses that not only operate in-state, but are actually located here, too. We're going to change that.

New Jersey must be willing to fight to keep businesses from leaving. That's why "Back to Work NJ" also will expand the state's current job-retention grant programs, so we can put together the most attractive package possible to keep employers in-state.

With all of the cutting edge industries emerging, New Jersey also is perfectly positioned to lead the way. Our workforce is among the nation's most-educated and our geography makes us accessible to all markets, both domestic and foreign. We will look to implement targeted tax credits specifically for the biotech sector, to draw massive new investments to these start-ups.

We also are looking across the country at inventive ways other states have tackled their economic problems. In Georgia, we found "Georgia Work$," a job training program which allows unemployed job seekers to receive up to six weeks workplace training from a potential employer without having to give up their unemployment benefits. In Georgia, more than 3,500 people who turned to Georgia Work$ found permanent jobs — a nearly two-thirds success rate. In a state like New Jersey, where many of the industries that experienced layoffs are not coming back, a similar program could provide the essential job training people will need to find new work.

These initiatives will be a great step toward retooling New Jersey as an economic force primed to lead the pack in the economic recovery. We're going to create jobs for residents, ease outdated burdens on businesses and spark economic growth throughout the state by encouraging investment. It's a plan that benefits everyone. "Back to Work NJ" is just the start to what will be an effort to reposition our economy for future growth.

Despite a modest bit of good news now, 2010 has otherwise been a lost year for job growth. We must start 2011 strong.

Stephen M. Sweeney, of Gloucester County, is the Senate President. Sheila Y. Oliver, of East Orange, is Speaker of the General Assembly.

GM