1909: New Jersey Governor-Elect Mikie Sherrill
So Money with Farnoosh Torabi
Farnoosh Torabi
4.7 • 2K Ratings
🗓️ 24 November 2025
⏱️ 30 minutes
🧾️ Download transcript
Summary
New Jersey Governor-Elect Mikie Sherrill joins Farnoosh for a candid conversation about the rising cost of living, the future of public schools, health care, taxes, and why politics and personal finance are inseparable.
Sherrill, a former Navy helicopter pilot, federal prosecutor, and three-term congresswoman, recently won the governor’s race in a decisive victory that coincided with significant Democratic gains nationwide. In this episode, she breaks down what state leaders can actually do to make life more affordable for families, from freezing utility rates to improving school funding to modernizing energy infrastructure.
Farnoosh also gives listeners a heads-up: the first part of this interview touches on a hyper-local school budget crisis in her hometown of Montclair, NJ. But this story isn’t unique. Across America, school districts are confronting rising costs, shrinking state support, and — in some cases — financial mismanagement. The questions Montclair is wrestling with (“Raise taxes or accept restrictive state aid?”) are the same questions communities everywhere are facing.
In this wide-ranging conversation, Sherrill discusses:
- Why public-school funding is cracking nationwide
- The real barriers to affordable health care at the state level
- How utility-rate freezes would work — and what critics get wrong
- The affordability crisis squeezing middle-class families
- What her election signals about the national political landsca
Originally recorded for Farnoosh’s local podcast The Montclair Pod, this expanded So Money release provides a rare look at how a new governor thinks about money, power, and the policies that shape our financial lives.
Learn more about Farnoosh's upcoming literary workshop Book to Brand. Early bird registration is now open!
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Transcript
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| 0:00.0 | So Money episode 1909. |
| 0:02.3 | New Jersey Governor-elect Mike U.S. Cheryl on fixing schools, health care, and the cost of living. |
| 0:09.0 | You're listening to So Money with award-winning money guru Farnoosh Torabi. |
| 0:13.8 | Each day, get a 30-minute dose of financial inspiration from the world's top business minds, authors, influencers, and from Farnoose yourself. |
| 0:23.1 | Looking for ways to save on gas or double your double coupons? Sorry, you're in the wrong place. |
| 0:29.1 | Seeking profound ways to live a richer, happier life. Welcome to So Money. |
| 0:35.3 | When I started this race, I kind of looked into how to do this, right, to provide better |
| 0:41.3 | health care at more affordable prices and what the state could do. And larger, even in Massachusetts, |
| 0:45.6 | it's not working super well because so much of the funding comes from the federal government. |
| 0:51.4 | It's very hard as a state to operate |
| 0:54.4 | in an independent healthcare system. |
| 0:56.5 | New Jersey sends $70 billion more to the federal government |
| 1:00.6 | than we get back in our federal taxes. |
| 1:03.3 | The way some of it comes back to us |
| 1:05.5 | is through things like Medicare and Medicaid |
| 1:08.4 | and Social Security, et cetera. |
| 1:09.8 | And so that's why this health care issue is so |
| 1:14.1 | critical because we're not only seeing huge cuts to Medicare. We're seeing now, as you mentioned, |
| 1:20.6 | the Affordable Care Act, which will have people's premiums going up by 175 percent. And so we're |
| 1:26.5 | going to see a lot of people who aren't going to be able to pay that. |
| 1:28.9 | So suddenly we're seeing this crisis in how people are going to have access to health care. |
| 1:34.3 | Welcome to So Money, everybody. I'm Farnoise Tarabi. My guest today is someone whose name you're going to hear far beyond the borders of New Jersey. |
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