Truth in Accounting released a report today on the Financial State of the States based on data provided by the states.
New Jersey came in last based on the numbers but we have two, if not entirely unique at least exaggerated, burdens to bear here that put us in a much worse fiscal position:
- A property-tax cap that exploded local debt: To keep gravy trains fueled after a 2% tax-cap was enacted in 2010 localities looked to repay campaign bribes with debt that is now sinking Atlantic City with other cities (Roselle) about to follow.
- Our politicians: Unlike Illinois and Connecticut where politicians are struggling to find solutions (however misguided) to their pension crises, in New Jersey we have a fairly reasonable way forward gathering dust and key positions in government staffed with assholes and miserable pricks (per opening arguments).
Though tragic on its own, this is not the whole story: