Generation of Sociopaths (2): Debt and Deficits

From chapter 9 of the book:

Who Says NJ Is “In Worse Shape” Than Illinois

Not Moody’s which still has IL as the reddest state:

It is New Jersey Senate President Steve Sweeney who stated the obvious in a Bloomberg interview:

Ratings Agency Response to NJ

It has been two years since the last downgrade of New Jersey’s credit rating and Phil Murphy met with ratings agencies earlier this month to see if they were ready to buy into his leadership.

Their response:

NJ Debt Fantasy

The State of New Jersey Debt Report for the year ended June 30, 2018 came out on Friday and the news is that it is not as bad as 2017.

The reason…..

New Jersey’s Financial Cliff

The New Jersey Business & Industry Association today released its analysis of audited state revenues, expenses and debt, which shows that over the past 10 years state expenses have significantly outpaced state revenues, and state debt has ballooned by 382 percent.

Tomorrow we jump.

Pew Fiscal Balance

The big issue in New Jersey for politicians and the media is legalizing marijuana. Never mind that another report by The Pew Charitable Trusts places New Jersey dead last among states when it comes to maintaining fiscal balance, which is raising enough revenue on an annual basis to cover expenses for the same given year. And when you download and sort the Pew data for the latest year you find New Jersey at record low depths:

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.