Old Economy Out as New Economy Ushered In

A week after Lehman Brother's was tempted with an offer of tax breaks to expand operations by 500 employees in Jersey City, a textile distributor is ready to leave the city for Columbus Ohio. Barwil Industries may relocate to Columbus reports the Columbus Dispatch, after being offered an incentive of nearly $1 million and some beads and trinkets.

The two news stories represent a fundamental job shift in Jersey City. While the city is encouraging high paying "knowledge jobs" like financial services, traditional working class jobs are disappearing.