Ownership of televisions and landline phones is declining. There were no new regional shopping malls under construction last year in the United States. Americans’ standard of living remains under pressure and high debt levels constrain spending. Gas prices near all time highs. Congestion increases as road and mass transit spending get curtailed in budget cutbacks. And New Jersey moves ahead with trying to secure a deal to finish what will be the third largest shopping center in North America. Something doesn’t fit here.

Formerly named Xanadu, now rechristened the American Dream, this star-crossed $2 billion development was supposed to open for business four years ago alongside the site of the Giants-Jets football stadium and a failing horse-racing track in the Meadowlands. It couldn’t attract enough stores, then got whipsawed by the recession, has been roundly panned by architecture critics for its tacky facade, and most recently part of its roof caved in during a snow storm.

After multiple failed ownerships and various forms of generous state aid sent down the drain, the free-enterprise Governor of New Jersey appears ready to support a new effort by the operators of the continents’ two largest malls to revive and expand the project to a humongous seven million square feet, including its amusement facilities—a skating rink, ski slope, water park and fun rides--wheeee. Instead of letting the already amply tax payer subsidized project sink in the swamp, the governor apparently believes the prospect is just too compelling for bringing the mix of entertainment and retailing found at the likes of the West Edmonton Mall and Mall of America in Minneapolis to the New York metropolitan area. For taking what amounts to an additional $1.5 billion dollar flyer, developers would receive various new state tax breaks under the guise of creating more construction and service jobs amid the marsh land just across the Hudson from Manhattan’s theater district and up the Jersey turnpike from another Six Flags.