Garden State, Unweeded

The Story

One of the nation’s wealthiest states, New Jersey has many comparative advantages. But it also faces many challenges, especially regarding its finances. The Garden State needs to consider serious reforms if it wants to maintain its prosperity and enviable livability while avoiding the threat of insolvency and major job losses.

The Facts You Need to Know

  1. Taxes: New Jersey is one of the nation’s most highly taxed states, ranking first in median property tax rates. Read more.

  2. Bad Bet: Only Illinois has a worse credit rating than New Jersey; the state’s poor credit reputation significantly raises its cost of debt. Read more.

  3. Misrepresent: New Jersey masked its real pension costs while representing itself as fiscally healthy to lenders. Read more.

“New Jersey is in a financial tailspin that could end in disaster for taxpayers or state employees counting on their retirement benefits.”

Sheila Weinberg, founder and CEO of Truth in Accounting

Twitter Take

The Past is Present

New Jersey’s Bad Government Blues By Steven Malanga (March 2008)

“The state’s residents have little to show for their crushing tax burden.”

And in other news...

“Brooklyn’s famously filthy canal is getting cleaned up. A building boom is coming. And not everyone is happy.”