New Jersey’s government finances are among the least solvent in the nation, ranking 48th, according to a study by George Mason University based on 2016 data.

Researchers Eileen Norcross and Olivia Gonzalez found that New Jersey’s long-term liabilities were 388 percent of the state’s total assets, which amounts to $18,928 per person. The unfunded pension liability guaranteed to be paid is $272.54 billion, which represents 49 percent of the state’s income.

“To complement the rankings in this year’s edition, we also review performance over a decade (2006-2016),” Gonzalez explains. “This time frame allowed us to see how states have fared since the recession, to highlight persistent themes, and to provide context for understanding how each state arrived at their rank in this year’s edition of the study.”

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