Ticking time bomb of debt: State budget crisis report says some problems ‘decades in the making’
New Jersey is a prime example of how states could be crushed by debt over the next few decades, according to a comprehensive report released by national economic experts Tuesday.
The study by the State Budget Crisis Task Force concludes that Gov. Chris Christie, who overhauled the state pension and health benefit system last year, still has his work cut out if he wants to implement financial reforms that will stand the test of time.
The report, which warns of a brewing storm headed for all the state capitals, uses New Jersey as one of six case studies of states where pension debts remain daunting, Medicaid costs are rising and yearly budgets are built with borrowed money and unsustainable sources of revenue. (Rizzo, The Star-Ledger)
https://www.nj.com/news/index.