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View Poll Results: Should NJ declare bankruptcy and start fresh?

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  • Who would be responsible for the public pension fund deficit then?

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Thread: New Jersey's $46 Billion Pensions Deficit

  1. #1
    Actuary.com - Level III Poster Claude Penland's Avatar
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    Jul 2010
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    New Jersey's $46 Billion Pensions Deficit

    It might even be as high as $100 billion.

  2. #2
    Actuary.com - Level III Poster
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    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.

    http://www.stateline.org/live/detail...ntentId=530317

    And Frank Keegan's critical comments.

    http://www.franklincenterhq.org/1963...on-bankruptcy/

    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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