You have no idea what you are talking about. Republicans and Democrats have been switching the governor for 50 years since Brendan Byrne. Kean, Whitman Christie. That's 24 years of a Republican being the governor in NJ.. The reason we are broke is because there are 535 (?) municipalities. A ridiculousness of duplication of services between courts, staff, police, fire. And of course schools which make up at least 50% of your property taxes.
With regard to what the state owes with pensions, it started with Whitman "borrowed" money from the pension fund to cover shortages in the budget and then never contributing what the State owed again. That continues until this very day although at least Christie and Murphy have made contributions albeit not the full amount. Up until Whitman, the NJ pension fund was well-funded.