Truth in Accounting (TIA) released its twelfth annual Financial State of the States with New Jersey not last this year (next-to-last):
(49) NEW JERSEY taxpayers are on the hook for $58,300 as of fiscal year 2020. The beginning of the pandemic and subsequent downturn in the market hurt New Jersey’s pension plans. The state’s major pension plans expected a 7.0 percent return on investment when in reality they received 1.4 percent. The state remains in abysmal fiscal health and had no money set aside to weather the current or any future crisis.(page 11)
It is primarily Cheiron gimmicks that has been bringing New Jersey numbers steady or dropping while Connecticut ballooned this year.
Despite receiving support from COVID relief grants and other federal programs, New Jersey’s overall financial condition did not improve during the onset of the pandemic. Based upon the state’s fiscal year 2020 audited financial report, New Jersey had a Taxpayer Burden™ of $58,300, earning it an “F” grade from Truth in Accounting.New Jersey’s elected officials have repeatedly made financial decisions that left the state with a debt burden of $185.2 billion. That burden came to $58,300 for every state taxpayer. New Jersey’s financial problems stem mostly from unfunded retirement obligations that accumulated over the years. The state had only set aside 34 cents for every dollar of promised pension benefits and has set aside no money for promised retiree health care benefits. New Jersey did not have enough money set aside to weather the pandemic and the state has been in dire fiscal shape for years. Like all other states, New Jersey received federal assistance from the CARES Act and other COVID-19 related grants which came with stipulations on how the money could be spent. The state has not
been properly funding its pension and retiree health care promises for years which has led to its financial condition continuing to deteriorate. (page 122)
Whereas in 2020:
Burypensions Blog 
Posted by Stephen Douglas on September 29, 2021 at 8:05 pm
Your “Blogroll” links to MPC Actuarial news, which is good (great), but she has more pension related articles (including this TIA bit) at…
http://stump.marypat.org/
Posted by Stephen Douglas on October 1, 2021 at 4:53 pm
In MPC’s article, there appears to be a correlation with the states most in debt and the states with higher population density.
http://stump.marypat.org/images/2143.png?1632909275
Studies do show that costs of providing government services per capita are higher in areas with more people per area.*
Of course, studies also show areas with higher population density tend to be more Democratic. If correlation does imply causation, who knows which are the causes and which are the effects?
*Actually appears to be a “J” shaped curve. Economies of scale reduce government costs in cities up to 500,000, then cost begin to rise again as population increases.
Posted by Truth on NJ Financial State 2022 | Burypensions Blog on December 19, 2022 at 11:11 am
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