N.J. Debt Totals More Than $248 Billion, Led by Benefits Burden
- Murphy had most GO issues in at least 10 years, report shows
- Workers’ pension and health-care costs ticking upward again
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General obligation borrowing under New Jersey Governor Phil Murphy was the highest in at least a decade, driven by pandemic bond issues. The state’s overall debt climbed 22% in the 2021 fiscal year, according to an annual accounting.
Murphy borrowed roughly $4 billion to fill anticipated shortfalls but that ended up being unnecessary as higher-than-expected tax revenue meant the state could weather the crisis without the extra cash. Now, he’s stuck with bonds, structured as non-callable, that can’t be paid off early.