NJ Still Ranks Among Most Debt-Burdened States

November 27, 2024 | njspotlightnews.org

Credit: Image by Pete Linforth from Pixabay

With its significant bonded debt and unfunded public-worker pension commitments, New Jersey has again landed near the bottom among the U.S. states in rankings released by a leading Wall Street credit-rating agency. 

The latest state-by-state liability analysis published by Fitch Ratings puts New Jersey 47th out of the 50 states in a key scoring of each state’s total long-term liabilities measured against the respective total personal income of its residents.

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NJ SEED: In recent years NJ has fully funded its pension obligations but not doing so for many previous years has contributed significantly to keeping the state near the bottom when ranking the most debt-burdened states. The outlook for crafting balanced budgets over the next decade is not a pleasant one.