>New Jersey Downgraded

Posted: February 9, 2011 by Keith Stone in dinero, New Jersey

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New Jersey’s bond rating was downgraded from AA to AA- by Standard & Poor’s today due to out-of-control pension and health care costs. The state has a $53.9 billion pension deficit and owes $66.8 billion in medical bills for retired employees. I’m no finance major (well, actually I am) but that’s a lot of money. Throw in Snooki’s drinking problem and the 15-37 Nets and things aren’t looking too great for the Garden State. It’s no surprise, though. The geniuses in Jersey make the losers in Long Island look like rocket scientists. That’s what happens when you pad that overtime before you retire, kids. It a serious problem that’s happening all over the country due to poor planning and it’s going to take some tough decisions and smart guys to sort it all out. I think Chris Christie might be one of those guys.

Bloomberg

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