by Megan Whitman, NJPI Jr. Economy Fellow
As Governor Phil Murphy officially left office this week after eight years, New Jerseyans are taking stock of what he delivered and where he fell short. A recent Rutgers-Eagleton poll captures his mixed legacy clearly: residents gave Murphy a C overall, with a D+ on taxes and affordability. Looking ahead, 42% of residents also say that New Jersey is headed in the right direction, 43% say that the state is on the wrong track, and 16% are unsure. This poll tells the story of Murphy’s two terms: ambitious goals paired with growing frustration over affordability, transparency, and long-term fiscal sustainability.
Governor Murphy entered office promising to make New Jersey fairer, greener, and more just. Early in his first term, Murphy signed legislation raising the minimum wage, tying it to the Consumer Price Index. Today, New Jersey’s minimum wage stands at $15.92 an hour, one of the highest in the nation. He also made good on a long-deferred commitment to fully fund the state pension system, strengthening retirement security for public workers.
But these accomplishments came alongside costs that many residents now feel deeply. For one, the state budget ballooned from $39 billion in 2019 to $59 billion today. During the eight years Murphy was in office, the cost of living rose 45%, costing a household about $32,000 more today. Energy policy also became a particular point of emphasis. Murphy’s Energy Master Plan prioritized offshore wind and aggressive clean-energy targets, but New Jersey now only produces 57% of its own energy needs, causing surging electric bills for residents. Finally, transparency took a hit. Last year, Murphy signed legislation that makes it harder for the public to access government records, raising concerns about accountability at a time when state spending is reaching historic heights. As Murphy exits, the state faces a sobering reality: an affordability crisis and a billion-dollar structural deficit.
During her campaign, Mikie Sherrill ran on a clear message of making New Jersey more affordable and transparent. Sherrill pledges to fight for tax relief by expanding the Child Tax Credit and Earned Income Tax Credit and to lower health care and energy costs by cracking down on price gouging that squeezes consumers. She also pledges to strengthen first-time homebuyer assistance programs to help young families access homeownership in an increasingly unaffordable housing market. Perhaps most notably, Sherrill proposed a new “Report Card” for the state government. Under this plan, state programs would be evaluated based on what they cost, what they do, and what their outcomes are. These “report cards” would be posted online with plain-language updates, giving residents the opportunity to see what initiatives their tax dollars are funding. Some of these priorities, including the “Report Card” and energy affordability plan, were highlighted in her first batch of Executive Orders signed on Tuesday.
Mikie Sherrill now inherits a state where many are struggling to afford to live. For residents feeling Murphy’s D+ affordability rating, Sherrill’s success will be measured simply: is life in New Jersey getting more affordable? Do taxes, energy, and housing costs feel more manageable? The answers will come in the months and years ahead, as New Jerseyans reach for their red pens and begin a new round of gubernatorial grading.
