Not to be excessively positive about Albany's performance, but the New York pension problems for the moment don't seem to even compare to New Jersey's. Take this Star Ledger story today (click here) which reads in part:
This year, the state pension system should have been replenished with a $3 billion payment from the state budget, according to the actuaries who calculate the benefits owed to retired workers. But (Gov. Chris) Christie and the Legislature decided not to pay anything toward the pension obligation in the new state budget to keep spending even with revenue projections. Corzine, like many governors before him, also short-funded the pension system for budget relief.