New Jersey Announces Broad Tax Increases

No matter who becomes president, each state needs to plan its own budget for next year. New Jersey has just announced broad tax increases and over $4 billion dollars of new debt. It's trying to offset the impact of this year's lockdowns. I spoke with the co-author of the economic outlook report "Rich States, Poor States," Jonathan Williams. He's chief economist and an executive vice-president at the American Legislative Exchange Council. I asked him what the new debt will mean for New Jerseyans going forward.