"Knowledge will forever govern ignorance

 and a people who mean to be their own governors

 must arm themselves with the power which knowledge gives."

Thursday, July 07, 2005

Corzine’s Edison Innovation Fund

We have been critical of Jon Corzine’s campaign for Governor of New Jersey and the agenda he has put forward calling for new taxpayer financed state programs. We had assumed the Edison Innovation Fund Corzine proposed would require the state to take on additional debt for the purpose of investing taxpayer money in businesses of Senator Corzine’s choosing.

We would prefer to let people invest their money as they see fit - whether it be in a home, a child’s education, a business of their own or for their retirement. We haven’t been very impressed with the return on investment taxpayers have received on the money that has already been sent to Trenton.

Our state government has been unable to deliver the basics, road maintenance for example, so why would we want to trust politicians with planning the state’s economy. We believe in a capitalist, market driven economy and oppose any attempt to impose one planned by the government. We are not aware of any successful state planned economies in all of history and government owned businesses are notoriously inefficient money pits.

Somewhere along the line we misunderstood candidate Corzine’s idea for an Edison Innovation Fund. Apparently, the fund will be a new business venture owned and financed by Senator Corzine, as he explained in his recent press release:
“The inventions and innovations Edison developed helped establish the state as a center for technological research and advancement in the 20th century,” Corzine said. “My Edison Innovation Fund would build on this research and technology legacy to position New Jersey as a leader in the 21st century economy.”
As we all know, Thomas Edison's inventions, innovations and businesses were funded through private investors. Apparently Mr. Corzine is willing to invest his great personal wealth in what he refers to as “My Edison Innovation Fund.” Once we read the fund would be his, it was not necessary for us to read the rest of his press release. It’s his money and he should be free to invest it in any legal way he chooses. We hope Corzine believes we should have the same right. We wish the Senator the best of luck with his new business venture.



4 Comments:

At 11:03 AM, Anonymous njcons said...

Excellent!

 
At 8:04 PM, Blogger Jack said...

Interesting commentery. You are right in being suspicious of an "innovation fund" that could so easily be used as a patronage trough, similar to the "rare coin investment" that Ohio recently invested it's pension fund in. But I'd be interested to hear you talk about Forrester's plans as well. I just started a Jersey politics blog called "Jersey Perspective". Check it out.

 
At 8:45 PM, Blogger Enlighten said...

Forrester's plans for New Jersey's economy are those proven to work. A market driven economy, in which government creates an environment for growth based upon low taxes. One in which people risk their own capital to create businesses and jobs. This is how waelth is created that in turn improves state tax revenue. Win-win.

 
At 2:02 PM, Anonymous Emil said...

Goodness, there is a great deal of effective data in this post!
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