TRENTON, NJ – New Jersey has been ranked last in the nation for its fiscal health by the think tank Truth in Accounting. Senate Republican Leader Anthony M. Bucco pointed out that this low ranking underlines the state’s “affordability problem,” stating that the Murphy administration and Trenton Democrats have failed to properly manage the state’s finances.
“Governor Murphy and Trenton Democrats often brag about a $10 billion surplus while ignoring the fact that New Jersey is drowning in debt,” said Bucco.
According to Truth in Accounting’s report, New Jersey received a failing grade for carrying $179.2 billion in debt and having the highest taxpayer burden in the country, amounting to $53,600 per taxpayer. Bucco criticized the state government for their poor fiscal management.
“While the Murphy administration squandered money on a French museum in Jersey City and a fleet of SUVs for State officials, the burden for taxpayers has grown to nearly $54,000. This financial path is unsustainable and will lead to higher taxes in the future if Democrats continue to ignore Republican reforms,” he added.
The state’s poor financial standing extends to its property taxes as well. According to the State Treasury Department, New Jersey property taxes are the highest in the nation, with the average bill rising to a record high of nearly $9,500 in 2022.
Bucco argued that the current administration has not made appropriate use of funds to alleviate these issues.
“Governor Murphy and Trenton Democrats have billions of dollars sitting in special funds which should have been dedicated to retiring debt and making New Jersey more affordable,” he said. “Instead of using that money to reduce taxes for small businesses and homeowners, Trenton Democrats have prioritized wasteful spending like subsidizing a foreign offshore wind company at the expense of utility ratepayers and seniors. This is unacceptable management of taxpayer dollars. Republican reforms are desperately needed to get New Jersey back on the right track financially.”
