TRENTON, N.J. – New Jersey continues to rank among the nation’s most indebted states on a per-capita basis, highlighting the long-term financial obligations facing taxpayers in the Garden State and across the Northeast.
While every state carries debt to finance long-term infrastructure projects and other capital investments, New Jersey’s debt load remains significantly higher than most of the country when measured on a per-resident basis. Neighboring New York also ranks near the top nationally, while Pennsylvania falls closer to the middle of the pack despite carrying a much larger population.
New Jersey remains among highest-debt states
New Jersey has long ranked near the top of national debt comparisons because of decades of borrowing for transportation, school construction, pension obligations, and other public projects.
The state’s combination of bonded debt and other long-term liabilities translates into one of the highest per-capita debt burdens in the United States, leaving future taxpayers responsible for repayment through state revenues…