Jersey Pension Crisis

I did my first posts on New Jersey's disastrous state pension back in 2007. I predicted that the MSM would ignore it. I was wrong, turns out the MSM would ignore it until the crisis could be blamed on something other than corrupt and/or incompetant government. Of course, now they have their preferred bogeyman - the stock market, as proxy for capitalism and private enterprise.


The MSM also likes to refer to public pensions as "underfunded." I like the good professor's alternative..."overgenerous." With 49% of new Jerseyans wanting to leave the state, NJ will never fill their pension hole, not with taxes, not with hawking the Turnpike, not with anything. Without radical surgery to the size and scope of government and an aggressive pro-growth program to grow out of the hole, the Garden State - beloved home state of my youth - is headed for a California-style fiscal crisis.

Incidentally, the WSJ attempts to read the writing on the wall for Corzine, although the arternative appears to be weak tea for what the state needs.