Public Spending, ECONOMIC OPPORTUNITY FOR ALL
GSI Research: Adding It All Up: An Impartial Look at NJ’s $117 Billion Government
The first in a multi-part series focusing on the true size of New Jersey’s expansive government, how much is being spent in specific categories and, most importantly, identifying opportunities where it can be made more efficient.
Our first installment is dedicated to capturing the true size and cost of New Jersey’s government. Some key takeaways from the report, which can be read by clicking on the image below:
·The consolidated cost of government services in NJ is $117 billion – triple the size of the annual state budget.
·That $117 billion funds 1,522 government entities – one government entity for every 6,000 New Jersey residents.
·At 22%, public employee benefits are the largest expenditure category for the state – well exceeding health care and transportation.
·Property tax collections of $28 billion account for 24% of all revenue collected and dwarf the next two largest revenue sources, which are the $14 billion each from Income Tax and Federal Aid.
With the raging debate regarding NJ’s total tax burden we’re not looking to take an axe to indiscriminately cut spending, but rather, offering practical solutions that will maintain the quality of services offered and save $1 billion tax dollars.In coming weeks, we will issue additional reports related to specific areas of government spending and how to achieve realistic savings.