From Mike Shedlock / Mish’s blog on Global Economic Trend Analysis:

The state of New Jersey is insolvent. Bankrupt might be a better word. New Jersey is $60 billion in the hole on pension funding and the Governor is planning on skipping payments in a “pension payment holiday” until 2012 so as to not increase property taxes. To top it off, the ongoing plan assumptions are 8.25%. Sorry NJ, that simply is not going to happen.

Head on over to his blog for his entire analysis, which is several pages long and links to a few Star Ledger articles.

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