NJ Ranks Last In Nation In Budget Solvency

TRENTON — New Jersey is second worst in the nation in a survey of states' overall fiscal health released Tuesday.
The Garden State beat only Illinois in the study of how much debt it has and how much cash is on hand  conducted by George Mason University's conservative think tank, The Mercatus Center.
With nine credit downgrades since 2010 and a $40 billion unfunded pension liability, New Jersey often lands near the bottom of these rankings.

 New Jersey ranked dead-last in year-to-year budget solvency — the state was beset by revenue shortfalls last spring — and long-term outlook. It was 38th in cash solvency and 30th in terms of debt and unfunded health care and pension liabilities, based on 2013 financial reports.
New Jersey's pension system is historically one of the worst-funded in the country. Actuaries recommend the state pump $4 billion into the system this year, but it will contribute just $1.3 billion.

 New Jersey is among four states whose liabilities are one-and-a-half to two times its assets.
Average liabilities per capita was $2,768, according to the report. New Jersey's was three times higher, or $8,662.

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