Paying for the past instead of investing for the future? Explains much of why NJ’s economy is in the toilet. Will.be an interesting test case on what to do as the state spirals down into oblivion. New legislation will be needed to resolve the liabilities, many of the needed federal & state laws haven’t been written yet, but states like NJ and Illinois will provide the necessary precedents. Current employees certainly won’t have it as good as current retirees, which is why some posters above are defending paying for the past and ignoring investment in the future. This is generational warfare, and the retiring baby boomers are winning, big time