The state of New Jersey is insolvent. Bankrupt might be a better word. New Jersey is $60 billion in the hole on pension funding and the Governor is planning on skipping payments in a "pension payment holiday" until 2012 so as to not increase property taxes. To top it off, the ongoing plan assumptions are 8.25%. Sorry NJ, that simply is not going to happen
Elected officals give state employees promises of good retirements but don't really worry about paying for them.
You'll see that quite a few states will be in this pickle the next couple of years. California is in the same boat. It is gonna get ulgy...
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