New Jersey made a lot of false promises, and is running out of money.

So reports the New York Times:

New Jersey Diverts Billions, Endangering Pension Fund

At the end of the article, Doug Forrester, the losing (Republican) gubernatorial candidate in 2205, points out that the state’s recorded debt is $31 billion. But if you add up all the promises it has made, it amounts to a liability of $175 billion. Money that the state, frankly, looks like it will never have.

And it turns out, the biggest hole-diggers were Christie Whitman and Don DiFrancesco. Both Republicans!

How a group of Republicans gets to Drumthwacket, and WITH A REPUBLICAN LEGISLATURE, borrows against state credit to the hilt—and then makes a lot of false promises to boot, is beyond me! They have to have all those previous generations of the thrifty, fiscally sound GOPers, spinning in their graves! Maybe we could hook up an electric generator to some of them and sell the energy back to Public Service Electric and Gas.

Does anyone else agree that that fully-paid, 25-year retiree health benefit is going to be the first thing to go? You know that will become one, where the retiree has to chip in, just like what happens in the private sector (if a company even offers such a benefit anymore. I think I am mathematically out-of-the-running to get such a benefit before I would turn 65.)

(I have “socialized medicine” here in Japan anyway, so . . . )

Fortunately, with Governor Corzine, an ex-Goldman Sachs co-Chairman, the state has the kind of talent at the top to make sure that some kinds of reforms begin before it’s too late!