New Jersey’s Murphy Defends $10 Billion Surplus as Economy Slows

Governor Phil Murphy said New Jersey’s economy will be caught in a global downturn that could force the state to tap the record $10 billion rainy day fund he is proposing.

“I worry about what is around the corner,” Murphy said Friday on Bloomberg Television’s “Balance of Power With David Westin.” Any drop wouldn’t be as severe as the 2008-2009 financial crisis, he said, “but we will soften. I’m certain of that. As a country, probably as a world, but certainly New Jersey will not be immune.”

WATCH: Murphy speaks on Bloomberg’s “Balance of Power.”

Source: Bloomberg

Murphy, a two-term Democrat and retired Goldman Sachs Group Inc. senior director, ...