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Almost 18 months ago I wrote that New jersey was about to embark on an irreversible course of state government spending increases and tax increases, all to fund a Global Warming agenda.
I say irreversible because follies such as tax increases in a poor economy usually end poorly, so there is usually no way mass insanity gets cured once it's in change of government.
Guess what? New Jersey certainly didn't count on getting slammed by the recent stock market crash, and now they are facing a gross deficit in pensions for retired government workers in the range of $57.8 billion for all current pensions it will eventually have to pay.
If you read the linked story you will see the state's projection of 8.25 percent return on investment is not in the offing for anytime in the future, unless you go to junk bonds, which can offer yields of up to %20 percent.
Which is what they pay, not the chances of you losing your money, which these days seem to be awfully close to 100 percent.
It appears New Jersey has a choice: It can Save the Planet™ or it can save itself a massive government worker revolt.
I live in Oklahoma, so I have to tell you option two would make for far better entertainment.
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