Another last-in-the-nation ranking for New Jersey under Gov. Murphy. Last week, we reported that New Jersey’s tax climate for businesses was dead last, and this week it’s New Jersey’s long-term financial condition that’s ranked dead last, according to Truth In Accounting’s “Financial State of the States 2023.” New Jersey has been dead last in the nation for 8 of the last 9 years — in 2021, it was 49th. As a result, New Jersey has received an “F” for every year Gov. Murphy has been in office.

Like many states in this year’s ranking, New Jersey’s economic condition improved due to federal COVID relief and increased tax revenues from the COVID rebound, but New Jersey taxpayers were still on the hook for $53,600 of long-term debt per capita. Federal aid will end and tax revenues are already decreasing, but the debt will remain.

It’s important to note that while the Murphy touts New Jersey’s various upgrades from the bond rating agencies, these agencies focus on bonds, which comprise only about a quarter of New Jersey’s long-term liabilities. TIA focuses on the burden on taxpayers for ALL of New Jersey’s long-term liabilities.

[Go blue… Beege]