Long-time readers may remember my comments about the precarious financial condition of several states in the Union. If you don't recall, go here and here to catch up. For the next possible domino in the sequence of state-level insolvencies go here to read a short blurb by attorney Joel Spivack on New Jersey Governor Chris Christie's comments about New Jersey's pension obligations.
I have no way of knowing if the Governor's concerns are well-founded or simply part of his early 2016 presidential election campaign bluster. I do know, however, that many states are indeed insolvent and that their underfunded pension and retiree health care promises make up a large part of their negative net worth. If you're interested in the details read my piece Municipal Bankruptcy: When Doing Less Is Doing Best (download here).
I have no way of knowing if the Governor's concerns are well-founded or simply part of his early 2016 presidential election campaign bluster. I do know, however, that many states are indeed insolvent and that their underfunded pension and retiree health care promises make up a large part of their negative net worth. If you're interested in the details read my piece Municipal Bankruptcy: When Doing Less Is Doing Best (download here).
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