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Fun fact: the failure of any Democratic governor in NJ to be reelected since 1977 is intricately related to why NJ’s current pension crisis started around the same time.
I’d talk more about it, but nobody seems to be interested in this, even though NJ is set to get screwed.
I’d talk more about it, but nobody seems to be interested in this, even though NJ is set to get screwed.
And no, the reason is not Dem governor good, GOP governor bad.
It’s WAY more complicated than that.
It’s WAY more complicated than that.
Huh, it seems somebody is interested. Guess I'm doing a thread.
Here's the current NJ pension crisis:
NJ currently holds ~$190 billion in pension debt. For comparison, NJ's annual budget is only $38 billion. This debt increases every year cuz pensions aren't fully funded.
Here's the current NJ pension crisis:
NJ currently holds ~$190 billion in pension debt. For comparison, NJ's annual budget is only $38 billion. This debt increases every year cuz pensions aren't fully funded.
Add onto this the aging public workforce that was promised these pensions 30-40 years ago and our junky bond rating and you can see how the state government just might be screwed and unable to pay for a significant amount of government services in the near future.
