For the 10th year in a row, 24/7 Wall St. reviewed economic indicators, budget allocations, and state balance sheets, in addition to a range of social measures to rank how well each state is run. Data came from a wide range of public and private sources, including public policy think tank The Pew Charitable Trusts and the U.S. Census Bureau.
When it comes to being bad, New Jersey is #10 among all states in the nation, due in part to high taxes, government overreaching and overall bad policy.
According to the report, the state’s pension funding disaster also factors into our less-than-esteemed ranking.
“There are several signs of fiscal mismanagement at the state level, including minimal rainy day fund savings — funds set aside for budget emergencies — and less-than-perfect credit rating scores from ratings agencies. Another common theme among lower-ranking states on this list is an underfunded pension system. Many states are facing a crisis, with pension obligations far outweighing available funds,” the site said.