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Thursday, September 17, 2015

Taxpayers beware! NJ debt nears $200 billion for benefits

Guard your wallets, New Jersey taxpayers! The deficit in state pension and health benefit plans for public employees is fast approaching $200 billion.

The unfunded liabilities have reached a staggering $194.5 billion, according to a New Jersey Watchdog analysis of State Treasury records. The shortfall has increased by $19 billion – or roughly 10 percent – in the past year.

Here’s a breakdown of bad news that seems certain to result in higher taxes, decreased retiree benefits or both:
New Jersey’s public pensions are underfunded by $113.1 billion. The state bears $80.5 billion of that burden. Local governments are responsible for the remaining $32.6 billion.
State and local governments are also on the hook for $81.4 billion in unfunded health benefits for retired and active workers. The state owes $65 billion; the local share is $16.4 billion.
The total shortfall is $194.5 billion – more than $60,000 per household. The figure is nearly six times higher than New Jersey’s total annual budget, currently $33.8 billion.

At the present pace, those unfunded liabilities will exceed $210 billion next year.

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4 comments:

  1. you are done chris cristie. Take your loud mouth and spin this. Your presidential dreams are over!

    ReplyDelete
  2. Vote for Christie!

    NOT!

    ReplyDelete
  3. defined benefit pensions are over. Next up....removing health care for retirees. makes sense to me.

    ReplyDelete
  4. yeah, cristie for pres...

    ReplyDelete

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