Miserable New Jersey
Recent fiscal news from the Garden State is not encouraging. Public debt is sky-high, and nine Jersey cities made a list of the 50 “most miserable” places in America. With the state’s high taxes and mediocre services, it’s no wonder that people are leaving in droves.
The Facts You Need to Know
Corruption: Deep-seated corruption has bankrupted New Jersey’s cities and cratered public confidence in political leadership. Read more.
Gap: In New Jersey, the gap between expected and actual returns on pension investments is the nation’s largest. Read more.
Behind: Even before the 2008 financial crisis, Trenton was running budget deficits, as it continues to do. Read more.
“New Jersey is a keg tapped by its corrupt political culture—especially in its dysfunctional cities.”
The Past is Present
“The latest indication of the state’s decline is the rapid deterioration of its newspapers, which rely heavily on the local economy and thus are good barometers of a community’s conditions.”
In observance of Columbus Day, The Beat will resume on Wednesday, October 16.
And in other news...
“A key committee of the New York City Council approved a resolution that would prohibit the incarceration of individuals on the island after 2026.”