Erica JedynakPublished 11:28 a.m. ET Aug. 22, 2017 | Updated 1:54 p.m. ET Aug. 22, 2017
New Jersey’s pension system is failing, and it is going to take a lot of good people down with it.
That sad fact adds a touch of poignancy – along with a dash of frustration – to the latest bad news on the state’s finances. The Mercatus Center, a think tank based at George Mason University, recently rated New Jersey’s state finances as the worst in the country.
While some of the data might seem obscure to non-accountants, the problems are all too straightforward – over-promising and underfunding. Successive administrations and legislative majorities of both parties have made overgenerous commitments, then failed to fund them, leaving a tab that the state’s future taxpayers cannot possibly cover.
New Jersey’s public pension crisis is a stark case in point. With more than $235 billion in unfunded liabilities – $26,000 for every man, woman and child – the state’s retirement system is among the worst in the nation. And while you’re reading this, the problem – decades in the making – is getting worse.
Yeah well if the politicians stop stealing money from the fun using it for bullshit ideas, and you’re having police and fire retire at 25 years regardless of age when others have to work longer. Not right not fair Dirty politics