January 15, 2014 | Number of The Day
Amount of state debt per capita in New Jersey

It’s startling that New Jersey ranks only sixth in the country in terms of state debt per capita, since each New Jerseyan theoretically owes $24,134 due to the state debt burden, according to State Budget Solutions’ fourth annual state debt study.

The biggest problem highlighted for New Jersey is its overall outstanding debt — which is ranked third in the country behind California and New York. Another problem is its unfunded post-employment benefits for state employee retirees, like health benefits, in which the state also ranks third. These benefits, which are in addition to pensions, are known as Other Post-Employment Benefits for Employees (OPEB.)

The Garden State fared slightly better when it considered state debt as a percentage of Gross State Product. In that, it only ranked 10th.