TRENTON, N.J. – Moody’s issued a stark warning on Monday evening about the scope of New Jersey’s public debt/pension crisis, one which has earned its pension system the dubious distinct of being among the nation’s least stable.
By 2023? 26% of every dollar passing through Trenton will be consumed by legacy costs and debt service.
1/2: By the time #NewJersey has increased its #pension payment to the full, annually required contribution in 2023, fixed costs for pension, debt payment, and retiree #healthcare/#OPEB will comprise 26% of its revenues #NJ #muniland https://t.co/9kHFr4TK9A pic.twitter.com/ufU62ExyAn
— Moody's US Public Finance (@MoodysUSPubFin) October 7, 2019