Fiscal State of the States

Two reports came out this week on the fiscal situation with state governments.

Truth in Accounting (TIA) released a report on the Financial State of the States based on data provided by the states and the Tax Foundation released a report on the business tax climate.

Guess who finished last in both.

Number 50 in the TIA report:

New Jersey may have even cheated to get that ‘F’. Last year the debt numbers were worse with the Unfunded pension benefits being $15 billion higher. Could this me more games with interest rates or improperly including the NJ Lottery as a real asset of the pension?

While the Tax Foundation had this to say:

20 responses to this post.

  1. Posted by NJ2AZ on September 26, 2018 at 4:25 pm

    need to have this at the ready every time i hear people, most of whom have never lived anywhere else, go on and on about how we need to ‘turn Arizona blue’

    Reply

    • Posted by Tough Love on September 26, 2018 at 4:30 pm

      But per Gov Murphy …………….. nah, there is no need to APPROPRIATELY reduce the generosity of (the now ludicrously excessive) NJ Public Sector pensions & benefits.

      Reply

    • Posted by In God we trust. on September 26, 2018 at 9:17 pm

      You can thank Gov. Whitman for the States neglect of payments to the pension system
      when she declared a pension payment holiday for several years. That’s correct she as Gov. payed nothing into the pension system all those years.

      Reply

      • Posted by Tough Love on September 26, 2018 at 11:24 pm

        But she had the State of NJ issue Pension Obligation Bonds (much greater in amount than the “missed” contributions), and the proceeds of that Bond sale were deposited INTO the Public Sector pension Plans, becoming part of the Plan’s assets (thereby INCREASING it’s funding ratio) …… and all why the TAXPAYERS (NOT the Plans or the worker/retiree) were responsible for paying of the Bond Principle & interest.

        As usual, you know little about what you talk about.

        Reply

      • Posted by Tough Love on September 27, 2018 at 9:45 am

        Interesting article. Quoting from it:

        “Active employees will be offered a new health care plan with no copays for in-network primary care physicians and specialists with mandatory generics. ”

        While any “savings” is good, WHY should the ABOVE OK with Taxpayers, 85% of whom work in the PRIVATE Sector and would never get anything even remotely as generous from their employers. There is ZERO justification for NJ’s Taxpayers to fund ANY better pensions or benefits than those typically granted Private Sector workers.

        Another quote from your linked article:

        “The state, which pays for retired educators’ health care, is expected to save $397 million over two years, while school districts save $96 million.
        The savings are a fraction of the state’s $37.4 billion budget, but Moody’s analysts said, it shows movement is possible.”

        and

        “Moody’s stressed the need for large-scale reforms to rein in costs. “

        Reply

  2. Posted by Stephen Douglas on September 27, 2018 at 12:35 am

    Don’t say I never agree with Tough Love…

     Trump — “I didn’t expect that reaction, but that’s OK” 

    later in the day when asked about the laughter. “Oh it was great,” Trump said about the reaction from the assembled world leaders. “Well that was meant to get some laughter, but it was great.” 

    If it’s any consolation, America itself is not the laughing stock. Just Trump.

    Reply

    • Posted by Stanley on September 27, 2018 at 10:53 am

      Steve, you could read Atlas Shrugged a thousand times and it wouldn’t mean a gd thing to you. You would be on the side of Ma Chalmers, Cuffy and the rest.

      Reply

    • Posted by Stephen Douglas on September 27, 2018 at 12:43 pm

      You are correct. I was singularly unimpressed. The Fountainhead and Anthem were just as bad. I am more a fan of Grapes of Wrath.

      And Colbert.

      Trump’s audience is… Trump.

      Reply

      • Posted by Tough Love on September 27, 2018 at 1:58 pm

        loll ………. so we FINALLY found so common ground !

        Reply

      • Posted by Stanley on September 28, 2018 at 9:16 am

        “I am more a fan of Grapes of Wrath.”

        Keep your bindle stick handy. You might need it. We will probably be all out of bindle sticks when the Chavez/Maduro types get through with us.

        Reply

  3. Posted by Stanley on September 27, 2018 at 10:51 am

    Steve, welcome back. You and the UN are not Trump’s audience. You and the UN are Colbert types. Just stick with SNL and you’ll be fine.

    Reply

    • Posted by Tough Love on September 27, 2018 at 1:59 pm

      Stanley,

      Can you tell us why you like Trump ?

      Reply

      • Posted by Anonymous on September 27, 2018 at 6:29 pm

        May I speak, well too bad – in a word MILITARY.

        Reply

      • Posted by Stanley on September 27, 2018 at 10:33 pm

        I am only partly a supporter. I never watched a single minute of his TV show. I don’t like his style at all, and I’m not crazy about the deficit spending. I highly approve of backing out of the Paris Accord, trying to rein in the EPA, promoting energy production although I would highly approve of the U.S. getting back up to speed in nuclear energy. I would take coal power over no power and consider wind and solar more or less a waste of money. I am not against immigration, but IMO taking in millions of welfare recipients is a big mistake. I like Gorsuch and believe that Kavanaugh will be an improvement over Kennedy. I am not anti abortion, but IMO the country will be better off without an additional democratic party legislating from the bench.

        I am not attentive to the tweeting. What I believe is important is maintaining a decent defense and reducing regulation. When it was built, the Chrysler building was the tallest building in the world and it was built in 13 months which included clearing the site of previous structures. It would take 10 years or more today and building costs would be similar to 1929 costs adjusted for inflation. The American people have allowed themselves to be outlawed, practically. I would say that the Obama EPA is the principle reason that Trump is president, that plus the lefty crowd thought that he would be easy to beat. Do you remember the EPA “Waters of the U.S. Regulation”? What could have been more frightening than that?

        When I start reading on opinion web sites that we can no longer count on having powered outlets 24 hours per day 7 days per week, I take it seriously. I have two houses and don’t use much power, but I still like having the limited power there when I want it. There are many who would have totally unbearable lives without ample electric power, for instance in FL or AZ–those who don’t move north for the summer.

        Trump gets a lot of criticism, some deserved because he’s a little klutzy and a little naive. It was NO different under Dubya and it would be no different under Pence. It wouldn’t have been different under Scott Walker or Cruz or anyone else. It would be the same for anyone who isn’t moving the so called progressive agenda forward and especially for someone who has almost erased the Obama progress.

        There is the Keystone Pipeline and drilling in ANWR–hopefully they’ll begin drilling soon–after the mid terms assuming we don’t go communist in the mid terms.

        There are very good people who strongly support Trump. Angelo Codevilla, Victor D Hanson and Julie Kelly who publish at amgreatness.com. And Andrew McCarthy who publishes at National Review dot com.

        We are a very troubled country in a very troubled world. Aging lefties thought they were close to realizing their life long ambition of a one world socialist state and Trump came along and delivered a major setback. Dubya was better than I thought he would be and IMO Trump is an improvement over Dubya. That’ the best I can do in just a half hour.

        Reply

        • Posted by Tough Love on September 27, 2018 at 10:58 pm

          Quoting …………. “Trump gets a lot of criticism, some deserved because he’s a little klutzy and a little naive.”

          ONLY ………….” he’s a little klutzy and a little naive.” ?

          THAT has to be the understatement of the decade.

          Reply

        • Posted by Anonymous on September 28, 2018 at 5:39 pm

          Tin Hut sir, about face.

          Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: