Monday, November 23, 2015

Jim Florio: "The state of the state is deplorable."

Quick quote of the day:

Then there's the state pension system, which faces a $40 billion shortfall. 
"I'm at a loss to even conjure up something that's reasonable because the numbers are beyond comprehension," Florio said. "I wouldn't want to be in the position to give a State of the State in January. Because the state of the state is deplorable."

The real unfunded liability is significantly higher than $40 billion.

Not only is NJ is never going to fully fund SFRA, but the existing $8 billion K-12 aid package is unsustainable.

If the State loses its case over COLA payments state aid is going to be gutted before anyone realizes.  

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