Showcased in a NJ101.5 report, Truth in Accounting (TIA) is one of many research outfits that analyze New Jersey’s dire fiscal condition. Mercatus Center and Pew Charitable Trusts do so as well and make similar findings. SPCNJ’s recent report “Beware the Downward Spiral” provides a comprehensive look at New Jersey’s fiscal and economic woes, and it’s not a pretty picture.
While the New Jersey economy is faring somewhat better in recent years, it still lags the rest of the nation in key measures and remains uncompetitive with its regional neighbors. A strong economy is essential to addressing our fiscal problems, but New Jersey remains one of the most inhospitable states for businesses and our special-interest-dominated status quo continues to push for ever higher taxes. The TIA report confirms the result: the future debt overhang remains enormous and largely undiminished despite the better economy and robust financial markets. $65,000 per taxpayer is a lot of debt.
No wonder businesses, wealth and people are fleeing the state. Who wants to get stuck with that tab?
Time for some honest talk about why New Jersey is in this position and how to address these threats to our future.
Read the full NJ101.5 report here.