COMMENTARY | Any fiscal expert looking at New Jersey’s budget situation would quickly come to the conclusion that the underfunded pension system is the place to start, the state’s former comptroller and budget director says.
In August, the Economic Policy Workgroup, established by New Jersey Senate President Steve Sweeney, released the report titled “Path to Progress.” The intent of the document is to address the mounting fiscal gaps in the state budget.
The committee—which included extensive participation from Republican and Democratic leadership and a volunteer group of 35 policy and fiscal experts— did not analyze in any detail the state’s tax structure or future tax policy but rather developed a series of 40 recommendations that focused specifically on reducing the cost of government and addressing the state’s long-term fiscal problems.
But first some background.
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