NJ’s per-taxpayer debt burden

News You Can Use

Photo: deanjenkins/morguefile.com

We all know living in New Jersey is pricey, but the state’s debt burden is even worse.

According to Truth in Accounting’s annual survey, New Jersey’s debt burden adds up to $59,400 per taxpayer — second only to Puerto Rico.

However, Sheila Weinberg, the group’s founder and CEO, said it’s important to note that this is a per taxpayer, not per person, amount. She said that the value $59,400 means that each taxpayer would have to send that amount of money in order to eliminate all of New Jersey’s debt.

Weinberg also said that, according to the Webster dictionary definition, New Jersey is bankrupt: “They have bills of more than $200 billion, but they only have $25 billion in assets to pay those bills.”

To read more, click here.