
Faced with the difficulties of benefits reform, some stakeholders’ instincts have been to stand still and resist change. The state’s current position, however, is untenable: It faces an $82 billion pension deficit which, in the absence of funding increases beyond the realm of reason, will lead to state workers’ pensions beginning to run out of money within a decade. Credit ratings agencies this week again stressed the state’s need to reduce its employee benefits costs. Moody’s Investors Service concluded in assessing the state’s creditworthiness: “Without meaningful structural changes that improve the affordability of the state’s liabilities, the state’s structural imbalance will persist and/or pension liabilities will grow, and the state’s rating will continue to fall.” Samantha Marcus, NJ.com Read more
Thank you greedy unions
The end is neigh…
Why not thank the dumb politicians from both parties for not having the balls to stand up to the unions.
@6.57am: How would that be possible when one party’s politicians (i.e. most of them) are basically there because of union power?
unions are not going any place.
Unions own the no democrats who run the state. Eventually all of the republicans will move out, then who will be left to pay the bills.
Just like Detroit…….