New Jersey's Five Year Plan
New Jersey’s state budget has increased from $22.9 billion in 2002 to $30.9 billion this year. State spending and the taxes to pay for it has increased by 35 percent. In the past five years, the average property tax bill has also increased by 35 percent.
Five years ago, state debt was $15.2 billion. Today, New Jersey’s debt has more than doubled to $33 billion and an additional $11 billion in debt has already been authorized.
New Jerseyans also face a minimum of $38 billion in debt for public employee benefits, an $18 billion unfunded pension liability and at least a $20 billion unfunded health care liability.
Democrats took control of state government five years ago.