“We Are Going Up in Flames”: New Jersey in “Worse Shape Than Any Other State” Senate President Admits
28th August 2019
For years, it was conventional wisdom that the most financial challenged state in the US – whether it comes to overall debt burden, outlays, tax collections, underfunded pension and retirement obligations, or simply credit rating – was Illinois, followed closely by New Jersey.
However, at least according to New Jersey’s Senate president, conventional wisdom is wrong.
In an interview with Bloomberg, Senator Stephen Sweeney, a Democrat, said that that credit-rating companies may be underestimating the severity of the state’s financial strains by giving it the second-lowest grade after Illinois.