Phil Murphy is a tough guy to pin down. If you ask a progressive in Jersey City, he’s the hero who finally legalized weed and hiked the minimum wage to $15. Talk to a small business owner in Sussex County? They’ll likely complain about the "millionaire's tax" or the fact that New Jersey remains a nightmare for affordability.
He’s leaving office now.
After eight years, the era of NJ Governor Phil Murphy is officially hitting the history books. He’s the first Democrat to pull off two full terms in over four decades. That’s a massive deal in a state that usually eats its governors alive.
The Goldman Sachs Shadow
People love to bring up the money. Before he was "Phil from Middletown," he was a heavy hitter at Goldman Sachs. He spent 23 years there. He ran the Frankfurt office. He ran the Hong Kong office. Honestly, it gave him the kind of personal wealth that makes people suspicious of your "middle-class" roots.
But here’s the thing: Murphy uses that corporate background as a shield. He argues that you can’t fix a state’s broken credit rating unless you know how the big banks think. When he took over from Chris Christie in 2018, the state’s financial health was a train wreck. Eleven credit downgrades in a row.
Since then? He’s secured nine upgrades.
It’s not just spreadsheet stuff. He actually put money into the pension system—full payments for five years straight. Nobody did that for twenty-five years. It’s the kind of unsexy, "adulting" version of government that doesn't make for great TV but keeps the lights on.
👉 See also: Otay Ranch Fire Update: What Really Happened with the Border 2 Fire
What NJ Governor Phil Murphy Actually Changed
If you look at the raw data, Murphy’s "Stronger and Fairer" slogan wasn't just a bumper sticker. He pushed through some of the most aggressive progressive policies in the country.
- The $15 Minimum Wage: It’s here. It happened.
- Reproductive Rights: He codified abortion rights into state law before Roe v. Wade even fell.
- Universal Pre-K: There are 26,000 new seats for three- and four-year-olds.
- Gun Safety: New Jersey now has some of the lowest shooting rates in the U.S.
But then there's the "affordability" problem.
Jersey is expensive. Like, "contemplating moving to Pennsylvania" expensive. While Murphy touts the ANCHOR property tax relief program, which gives billions back to homeowners and renters, the state still has the highest property taxes in the nation. The latest Rutgers-Eagleton poll from January 2026 shows residents giving him a D+ on taxes. That’s a stinging grade for a guy who thinks he’s fixed the economy.
The Innovation Bet
Murphy is obsessed with the "Innovation Economy." He’s basically trying to turn New Jersey into a mini-Silicon Valley. He launched twelve Strategic Innovation Centers. He partnered with Princeton and Microsoft to build an AI Hub.
He even got Netflix to start building a massive production studio at Fort Monmouth.
Basically, he wants the state to be known for more than just diners and The Sopranos. He’s betting that high-tech jobs will eventually lower the tax burden, but that’s a long-game play. Most people living in a two-bedroom apartment in Edison aren't feeling the "AI Hub" benefits yet.
✨ Don't miss: The Faces Leopard Eating Meme: Why People Still Love Watching Regret in Real Time
The Pandemic Legacy
You can’t talk about NJ Governor Phil Murphy without talking about 2020. At one point, his approval rating hit 77%. People liked the "stay at home" lectures because they felt safe.
Then came the nursing home scandals.
The administration’s handling of long-term care facilities during the early days of COVID remains his biggest scar. Critics say the state wasn't transparent. Supporters say nobody knew what they were doing in March 2020. Either way, it’s the one topic that still gets people heated at town halls.
The Final Grade
As he prepares to hand the keys to Governor-elect Mikie Sherrill on January 20, 2026, Murphy is exiting with a "C" grade from the public. He’s the "steady" governor. He didn't have the bombastic public fights of Christie, and he didn't have the scandalous exit of Jim McGreevey.
He was a financier who treated the state like a very complicated portfolio.
He’s leaving behind a $7 billion surplus. That’s insane compared to the $400 million he inherited. But he’s also leaving behind a state where the cost of living is still a primary reason why young people leave.
🔗 Read more: Whos Winning The Election Rn Polls: The January 2026 Reality Check
What’s Next for Phil?
He says he’s going on vacation. He’s 68. He’s going "off the grid."
There are always rumors about a 2028 presidential run, but he’s downplaying it. "I take nothing off the table," he told NJ Spotlight News, but he admits the probability is low. For now, he’ll probably be seen at the 2026 FIFA World Cup Final at the Meadowlands—his wife Tammy is running the host committee, after all.
Making Sense of the Murphy Era
If you’re trying to figure out if Murphy’s tenure was a success, look at your own priorities. If you care about social equity, green energy, and labor rights, he’s probably your guy. If you’re a fiscal hawk who thinks the state budget has grown too bloated, he’s likely your villain.
Actionable Insights for New Jerseyans:
- Check your ANCHOR status: If you haven't applied for the property tax relief program, do it now. The Murphy administration expanded these benefits significantly before leaving office.
- Monitor the AI Hub: For those in tech or looking for a career pivot, the new Innovation Centers in places like New Brunswick and Newark are the primary spots for state-backed grants and networking.
- Watch the Stay NJ Program: This is a big one for seniors. It’s designed to cut property taxes in half for older residents, but its future depends on how the next administration handles the funding.
Phil Murphy didn't solve everything. No governor does. But he shifted the state's trajectory from a perpetual fiscal crisis to a progressive powerhouse with a healthy bank account—and a lot of frustrated taxpayers.
Next Steps:
If you are a New Jersey resident, verify your eligibility for the Stay NJ property tax credits through the Division of Taxation website. These benefits are part of the final legislative push of the Murphy administration and are scheduled for full implementation in the 2026 fiscal year. Additionally, business owners should review the updated NJEDA (Economic Development Authority) grant list, as several new "Strategic Innovation" funds were capitalized in the final 2025-2026 budget.