$2 Billion in Debt

By John Bury | July 12, 2010

Here is a report on Union County’s total debt.  It comes to $2 billion.

By my estimate and extrapolating from the $2 billion owed by Union County*, which has 1/160th the public workforce and 1/160th the population, current New Jersey taxpayers owe $320 billion for services provided to prior taxpayers.  That’s over ten times the annual state budget and there is absolutely no possibility of that money ever being paid in full.

My very first blog was on the imminent bankruptcy of the New Jersey pension plan.  I was afraid for the future and left to wonder if anyone running things in this state had the slightest  clue as to what they were doing.  Over the subsequent two+ years I have been paying much closer attention to government at the state and local levels.  I am now more afraid but I don’t wonder.
.
.
.
.
* Some would argue that Union County is a flawed baseline with one-party hegemony facilitating wasteful spending but I would argue that the major debt figures are in items like pensions and OPEBs of which all politicians in this state have displayed similar willful ignorance.