New Jersey recently offered Goya Foods a $81.9 million tax incentive to move its operations to to Jersey City from Secaucus. According to Economic Development Authority Executive Director Caren Franzini, “This is about retaining jobs. Yes, we would like to add new jobs, but we also must keep jobs here.”

How many jobs are at stake here? According to the Star-Ledger, the lucrative incentive awarded by the EDA would bring 66 jobs into the state and convert another 100 existing contract jobs already in the state into permanent positions.

166 jobs for $81.9 million? That means the state is paying $493,373.494 for each job? Is this really the most cost effective way to save those jobs? Well, what the EDA does not mention is that Goya is a family-owned business whose owners have supported the Republican party in NJ generously, contributing at least $40,000 to Republican campaigns, including $2,500 to Chris Christie’s campaign for governor.

That was not a bad gamble: Spend $2,500 to win $81.9 million. And people wonder why the protestors are still out on Wall Street.