Worse news: New Jersey debt hits $170 billion

[Geee]

Watchdog.org:

The $170 billion hole does not include the debts of New Jersey’s local government units, which face a collective shortfall of $50 billion for pensions and health benefits. Nor does it encompass the bond debts and other liabilities of the state’s 21 counties, 565 municipalities and 610 school districts.

 

The findings of Truth in Accounting’s study are consistent with a New Jersey Watchdog analysis of Treasury records that found the total pension and health benefit deficit for the state and local governments is nearing $200 billion.

 

Last week, New Jersey Watchdog reported:

 

New Jersey’s public pensions are underfunded by $113.1 billion.

 

State and local governments are also on the hook for $81.4 billion in unfunded health benefits for retired and active workers.

 

The total shortfall for pensions and health benefits is $194.5 billion — nearly six times higher than New Jersey’s total annual budget, currently $33.8 billion.