Nissan has completed a voluntary reduction in force at two Tennessee manufacturing plants that results in the loss of 775 jobs, a 12.5% reduction.

That just about nets out the 750 new employees hired by Nissan when the State of Tennessee paid them $200 million in incentives to move their corporate headquarters to the Nashville area last year. That's in addition to the $200 million the state spent on expansions at the Smyrna and Decherd plants two years ago.

On a related note, this report says states like Tennessee are chasing the wrong kinds of jobs with the wrong kinds of incentives.