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State Debt Rose by More Than $40 Billion

Updated: Aug 6, 2022

June 20, 2022 |

New Jersey’s recent string of positive fiscal news was interrupted several weeks ago by a new audit that indicated overall debt rose across the board during the last fiscal year.

But the audit also revealed a big increase on the “non-bonded” side of New Jersey’s debt ledger during the 2021 fiscal year. That category includes the state’s long-term public-worker pension obligations, as well as other, often overlooked, retirement benefits that can add up to a significant liability for the state and, ultimately, its taxpayers.

NJ SEED: For too many years politicians have found it easy to spend other peoples’ money. Some are beginning to recognize that it is time to get NJ’s fiscal house in order.

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