November 26th 2010, 09:43 PM
It might even be as high as $100 billion (http://www.claudepenland.com/2010/11/26/should-new-jersey-declare-bankruptcy-over-their-pension-deficit/).
November 27th 2010, 01:15 AM
Stateline had an interest article recently about New Jersey's budget situation, nothing that the Christie administration has continued the tradition of piling on the unfunded pension liabilities.
And Frank Keegan's critical comments.
I know that New Jersey's budget situation is severe, and I haven't looked over it in enough detail to really know what the options are, but imagining the consequences of bankruptcy does not yield a pretty picture. As you pointed out, what happens to the pension liabilities? Do the feds step in, or are retirees out of luck? Imagine the legal consequences, the impact of New Jersey's ability to fund capital projects, and the political fallout.
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