New Jersey ended fiscal year 2019 with $189 billion of debt, meaning each New Jersey taxpayer would need to pay $57,900 to pay off the state’s debt. New Jersey has only set 37 cents for every dollar promised in pension benefits. This has resulted in the state owing $95.7 billion for its promised pensions. They have not set aside any money for retiree health care benefits, meaning future taxpayers are on the hook for $76.8 billion owed for retiree health care. 

2020 marks the seventh consecutive year that New Jersey has earned the last place in our Financial State of the States. Where did your state rank? You can view the full report here.