Christie Economist Misjudges Recovery as N.J. in Budget Crisis

As New Jersey faces a budget crisis, among the biggest challenges are shortfalls created because chief economist Charles Steindel’s revenue projections have been short four of the past five years.

Those misses by Steindel, who came to Trenton after 25 years at the Federal Reserve Bank of New York, amount to a net $3.5 billion, according to data from state reports. That’s almost enough to cover the pension payments on which Governor Chris Christie is skimping to close two years of budget gaps.