NJ Fiscal Folly

Wednesday, March 22, 2006

NJ Debt Update

In a prior post below, I estimated that long-term debt already incurred by the state and various funding agencies was at least $20-25 billion. Well, the "at least" part was correct.

Page 4 of the Corzine budget reveals that NJ bonded debt reached $30 billion in FY 2006. This figure does not include further borrowings for new transportation projects (at least $6 billion) or incremental Abbott district school construction (at least $10 billion).

The comparable figure in June 2003 was $18.6 Billion. LT debt has increased 61% in three years!

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