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News Link • Government Debt & Financing

Study: Chris Christie's New Jersey Least Economically Solvent State in U.S.

•, by Frances Martel
 More bad news for New Jersey Governor Chris Christie. As he tries to survive an explosive corruption scandal and stave off a federal audit on use of Hurricane Sandy funds, a new study ranks New Jersey the least economically solvent state in the nation.

George Mason University's Mercatus Center released a working paper Thursday ranking the solvency of the 50 states by a number of factors--from "liquidity and budgetary balance" to "reliance on debt to finance current and long-term expenditures and ability to pay for essential services." They further subdivided the category of solvency generally into cash solvency, budget solvency, long-run solvency, and service-level solvency.

The study finds that New Jersey is in the worst financial state of any state in the union generally, while also being the worst in budget and long-run solvency. New Jersey's highest ranking on any list, #39, is for service-level solvency, though the statistics used for this study predate the spike in service needs after Hurricane Sandy.

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