Podcast Summary
So Money with Farnoosh Torabi
Episode 1909: New Jersey Governor-Elect Mikie Sherrill
Date: November 24, 2025
Overview
In this episode, Farnoosh Torabi interviews New Jersey Governor-Elect Mikie Sherrill, a former Congresswoman, Navy helicopter pilot, federal prosecutor, and Montclair resident. The conversation, joined by journalist Michael Schreiber, dives into urgent state and national issues like school funding crises, the rising cost of living, healthcare reforms, and the promise to freeze utility rates. Although rooted in local concerns, the dialogue draws wider connections relevant to listeners across the US, illustrating how political leadership intersects with personal finance and quality of life.
Key Discussion Points & Insights
1. Staying Local, Serving Statewide
[05:54 - 07:13]
- Mikie Sherrill reaffirms her ongoing ties to Montclair, joking about not moving into the governor’s mansion (“Drumthwacket”) full-time just yet due to family life.
- She highlights the public historic significance of the mansion and New Jersey’s role as the nation approaches its 250th anniversary.
Notable Quote
“I think rumors of my departure have been greatly exaggerated. I have kids in school here, so I don’t think I will be leaving anytime soon.”
— Mikie Sherrill [06:10]
2. The School Funding Crisis
[07:13 - 13:28]
- Local districts, including Montclair, face massive deficits and threats to extracurriculars and teacher jobs.
- Many NJ districts are burdened by extensive administrative costs—there are more school districts than municipalities, driving inefficiency.
- Sherrill urges for an independent audit and better state-level support/professional management, not just for Montclair but for NJ overall.
Notable Quotes
"We are paying some of the highest property taxes, not just in New Jersey, but in the nation. And so to somehow get to this point where we're what, 20 million in the hole? I'm furious about it, and I'm sure most people are.”
— Mikie Sherrill [07:37]
"We have more municipalities than California and we have more school districts than municipalities. That is the kind of money that's going into this administrative system. I think we really need to address that."
— Mikie Sherrill [09:34]
3. School Consolidation and Professional Support
[11:05 - 13:28]
- Sherrill proposes K-12 administrative consolidation to reduce expenses without affecting local schools.
- Calls for county or state-provided professional auditing and support, noting that most property tax dollars (up to 70%) fund schools, yet municipal and school budgets are siloed.
Notable Quotes
"There needs to be more professional support for this to manage some of how this money is spent."
— Mikie Sherrill [12:26]
“Professional auditing, professional running... this seems to be now a somewhat routine problem that we're seeing across the state. To be more expertise and support.”
— Mikie Sherrill [13:22]
4. High Cost of Living and Property Taxes
[13:28 - 16:57]
- Sherrill details the “deal” New Jerseyans expect: high taxes in exchange for top education and robust, accountable services.
- She stresses transparent budgeting, contract accountability, and eliminating inefficiencies.
Notable Quotes
“The deal is you pay these taxes so that you get a great education for your kids, so that you have a well run government... every time we see that breaking down, people start to question what is going on here?”
— Mikie Sherrill [13:52]
“Middle class families are just saying, look, I don't know if I can afford to stay here, so I'm going to drive down costs.”
— Mikie Sherrill [16:52]
5. Healthcare: State vs. Federal Challenges
[16:57 - 20:20]
- Even states like Massachusetts struggle to create affordable independent healthcare due to heavy federal funding reliance.
- NJ sends $70B more to DC than it gets back—cuts to Medicare and ACA are triggering a coverage crisis.
- Immediate focus is clawing back federal funds and piloting partnerships with hospitals for preventive care, especially annual checkups/vaccines for students.
Notable Quotes
“It's very hard as a state to operate in an independent healthcare system... we're not only seeing huge cuts to Medicare, we're seeing now, as you mentioned, the Affordable Care act, which will have people's premiums going up by 175%. And so we're gonna see a lot of people who aren't gonna be able to pay that.”
— Mikie Sherrill [17:19]
"We need to do better. We were limping a lot, we were getting a little better every year, but we need to do a lot better by people for the money we spend for healthcare and what people are getting."
— Mikie Sherrill [19:54]
6. Freezing Utility Rates — What’s Real
[24:54 - 27:57]
- Sherrill insists her day-one rate freeze is feasible: actively negotiating with utility companies and leveraging Board of Public Utilities (BPU) funds.
- Long-term price reductions hinge on modernizing the grid with solar/battery storage, natural gas infrastructure, and future nuclear expansion, while contending with federal regulatory obstacles regarding wind power.
Notable Quotes
"We're already meeting now with utility companies because we're negotiating with them about how much lower we can get rates. And then there's money that comes in through the BPU... that's how we're going to freeze utility rates on day one."
— Mikie Sherrill [25:20]
"The fastest way to get more power into our grid is with solar and battery storage. That's not gonna get us the power we need, but it's the fastest and cheapest way we can immediately get some more power into the grid."
— Mikie Sherrill [25:44]
7. Campaign Lessons & National Implications
[27:57 - 32:27]
- Sherrill’s campaign built broad coalitions by listening to every community (“21 county bus tour”), focusing on working-class issues.
- She links good government to regular families’ economic security, noting that accountability and achievable promises (“no ‘fakey stuff’”) built public trust.
Notable Quotes
"It's working class people who need government to run well because you need your schools to be really good so your kids have opportunity... This is what Democrats are good at. You need to afford your healthcare, you need to be able to afford those basic things that are middle class working people values."
— Mikie Sherrill [29:24]
"I didn't say fake things. I didn't say, oh, I'm gonna like my opponent. I'm gonna cut your taxes by 30% by finding efficiencies in the budget... what I said was, look, I get it. I'm hearing you. And that's why I said I'm gonna declare a state of emergency. Because it was both a way that people could hold me accountable on day one."
— Mikie Sherrill [32:34]
Notable Moments & Quotes
| Timestamp | Speaker | Quote | |-----------|----------------------|----------------------------------------------------------------------------------------------------| | 06:10 | Mikie Sherrill | “I think rumors of my departure have been greatly exaggerated. I have kids in school here...” | | 07:37 | Mikie Sherrill | “We are paying some of the highest property taxes... now they want more. I don't know how much longer I can afford to stay here. I'm furious about it.” | | 13:52 | Mikie Sherrill | “The deal is you pay these taxes so that you get a great education for your kids, so that you have a well run government...” | | 17:19 | Mikie Sherrill | “It's very hard as a state to operate in an independent healthcare system... we're not only seeing huge cuts to Medicare...” | 25:20 | Mikie Sherrill | “We're already meeting now with utility companies... that's how we're going to freeze utility rates on day one.” | | 29:24 | Mikie Sherrill | “It's working class people who need government to run well because you need your schools to be really good...” | | 32:34 | Mikie Sherrill | “I didn't say fake things... what I said was, look, I get it. I'm hearing you... that's why I said I'm gonna declare a state of emergency.” |
Timestamps of Key Segments
- Introduction to School & Cost of Living Issues: 03:13
- Montclair and School Crisis Discussion: 05:49 – 13:28
- Cost of Living and Taxes: 13:28 – 16:57
- Healthcare System Challenges: 16:57 – 20:20
- Utility Rate Freeze Plan and Energy Policy: 24:54 – 27:57
- Campaign Approach and Broader Political Implications: 27:57 – 32:27
- Leadership, Accountability & Closing: 32:27 – 34:56
Tone & Style
Mikie Sherrill maintains a direct yet empathetic and pragmatic tone, openly acknowledging frustrations shared by residents while focusing on structural solutions. Authenticity and accountability are central to her communication, avoiding overpromising and instead emphasizing evidence-based and community-driven policy.
For Listeners: Takeaways
- Politics and Personal Finance Intertwine: Leaders’ choices profoundly affect daily financial realities—from school budgets to health premiums.
- Transparency and Accountability Are Priorities: Sherrill aims to demystify how tax dollars are spent and open state contracts to public oversight.
- Bold, Achievable Reforms, Not Hollow Promises: Her vision includes practical steps, not mere campaign rhetoric.
- The Challenges Are Universal: New Jersey’s struggles—school funding, healthcare costs, utility rates—mirror pressures facing communities nationwide.
Summary prepared for listeners seeking a deep, actionable understanding of how political leadership shapes financial life at the state—and national—level.