Economists at Rutgers University, the state university of New Jersey, issued a report today that paints a dire picture of the Garden State's economic future.

According to James Hughes and Joseph Seneca, longtime professors at the Bloustein School of Planning and Public policy, New Jersey is hemorrhaging "good jobs" and losing out in the competition for high-powered job seekers:

Between 2000 and 2005, New Jersey's economy created thousands of relatively low-paying service jobs and government jobs, while private-sector jobs declined. New Jersey also lost many high-paid technology, knowledge and manufacturing jobs during that period, while such jobs were growing in North Carolina, Virginia, Maryland and Florida.

This is disturbing, Hughes said, because New Jersey is an expensive place to live and work and needs high-paid workers to buy its expensive homes and pay the taxes that finance its rich diet of government services.

Did someone say "taxes"?  Could that be the problem?  Nope:

Hughes said he believes it is too dangerous to leave the rejuggling of the state's economy in the invisible hands of capitalism. For months he has advocated a sustained and consistent commitment from the governor and the Legislature to economic development.

Gov. Jon Corzine's economic czar, Gary Rose, said the creation of an economic strategy is a top priority of Corzine and will be unveiled after Labor Day.

"Economic development" in New Jersey is a euphemism for higher taxes and more government spending, much of it for pork projects to buy votes.  What's left disappears into the state's inner city school systems -- financial black holes that suck in cash and produce little or nothing in return. 

It's this kind of reckless tax and spend mentality that is ruining New Jersey.  Who wants to live in a state where you need $600,000 before you can even consider buying a starter home?  And if you do manage to land a job here, don't expect to keep more than a fraction of what you earn:  New Jersey has some of the worst property taxes in the nation, not to mention an outrageous 7% sales tax, courtesy of Governor John Corzine.

It's no wonder that more and more New Jerseyans are voting with their feet. Who needs this aggravation?