report puts NJ dead last for fiscal health. It’s Murphy’s fault

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Since I have been working at New Jersey 101.5, we have complained about the situation within the New Jersey government. While Republican governorships may have put a little thumbs up in the leaky dyke of fiscal irresponsibility, nothing really changes here.

It’s almost to the point where you wonder, are we crying into the abyss? We’ve been in a “tax and spend” state at least since I arrived here in 1997, right after the mess debacle in Florio. And things seemed to only get worse with a glimmer of hope thanks to a few Republican governors like Christie Todd Whitman and Chris Christie, and even those who faded into the haze like so much smoke from a manufacturing factory of Newark.

Now, a monitoring report has New Jersey ranked last in fiscal health in the nation, which of course comes as no surprise to anyone who has followed the decisions our legislature has made as closely as we . And Murphy’s policies are obviously making the situation worse since the money seems to be digging a hole in the current administration’s pocket.

According to The Center Square, Truth in Accounting’s latest State Fiscal Condition 2022 report analyzes the fiscal health of all 50 states. He calls the 5 states with the strongest economies the “sunny states” and the bottom 5 the “sinkhole states,” where the burden on taxpayers is the highest. The report very elegantly points out the worst of the worst.

The Garden State ranks dead last in the bottom five for fiscal health, with an estimated individual tax burden of nearly $62,500. In other words, according to the study, we have the highest total burden of any state in the country.

Connecticut, Illinois, Hawaii and Massachusetts follow closely in the top five.

The report’s authors gave New Jersey’s fiscal situation an “F” grade due to overspending and pension and health care debt. According to the article, this report indicates that this is the 13th consecutive year that New Jersey has been ranked last in the nation and that there really is no end in sight. The report predicted further deterioration because of these shocking statistics:

NJ is setting aside just a paltry 47 cents for every dollar of promised retirement benefits. And understand this: we only set aside one cent for every dollar pledged for retiree health care benefits. You read correctly. A penny for every dollar pledged actually goes to what it was allocated for.

And yet we continue to vote in these Democratic taxes and spending. I guess it’s just because it feels good.

The views expressed in the above post are those of New Jersey 101.5 talk show host Judi Franco only.

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