What's the secret behind NJ's good fiscal condition during COVID-19 pandemic? [View all]

This time last year, the economic impact of an emerging global pandemic was ravaging New Jersey’s state finances, forcing lawmakers to take the virtually unprecedented step of delaying the end of the state’s fiscal year.

Property-tax relief was shelved, public workers were furloughed and education aid was held flat, all in an effort to right the fiscal ship.

New Jersey suffered two credit-rating downgrades and Gov. Phil Murphy and lawmakers ultimately decided to borrow billions of dollars amid concerns that a potentially catastrophic budget freefall was looming.

“I have been clear since March that we are facing an unprecedented public health crisis that would soon be followed by a similarly unprecedented fiscal crisis,” Murphy said during a May 22, 2020, media briefing.

Read more: https://www.njspotlight.com/2021/05/covid-19-fiscal-good-health-survival-pension-system-federal-aid/