Friday, July 27, 2007
I'll take Chapter 11 please
Things just keep getting worse. According to the Star-Ledger, New Jersey taxpayers have promised health insurance packages worth almost $69 billion to current and future public retirees. This includes $11 billion in municipal costs and $58 billion to be paid by the state.
And considering that the monetization is fast becoming a dead issue, what is Corzine going to do about this budget? Even if monetization were on the table, and the state were able to raise $30 billion (as proposed to Nancy Feldman, the Director of the Office of Public Finance), it would still leave us woefully short of closing the gap.
Chapter 11, here we come! Ready to make history?
Report: Insurance costs $58B for state, $11B for municipalities
Corzine received $30 billion proposal for "monetization" of NJ Turnpike with management contract
Toll Road News