Much chest thumping accompanied the announcement yesterday that Pfizer is moving some 1,000 employees to join those already in New York City, where the company has its headquarters. “This is a real step forward in the city’s economic recovery, and the message is clear, New York City is open for business,” Mayor Bloomberg said. “Today gives New York a huge victory against a national economy that has states competing for each new job and each new business investment,” Governor Pataki said. “New Jersey and Michigan would love these jobs, but New York offers a stronger business climate.”

That last statement is a bit of a fib. New York’s “business climate” in this instance is tax breaks worth up to $46.1 million. That breaks down as $12.6 million in energy discounts and $33.5 million in real estate and sales tax breaks. While the full deal is said to be tied to Pfizer creating 4,300 new jobs by the end of the 15-year term of agreement, neither Pfizer nor the city today could illuminate just how much comes when.

We’ve got nothing against tax breaks. But why should the politicians be doling them out to some companies at a time when they are sticking the rest of us ordinary folks with tax increases? Pfizer can’t be blamed for seeking the best deal for its shareholders. But if the Empire State really wants to compete for business, it could lower taxes across the board, not just for some lucky companies.