In trumpeting his record in Ohio John Kasich mentioned:
Last year the Mercatus Center ranked states by fiscal condition. Ohio came in at 7. By comparison New Jersey was 49.
But are Ohio public pensions really secure?
According to a story on cincinnati.com:
The bad news extends to Ohio’s trust fund solvency, in which it ranks ahead of only New Mexico and Alaska, due to large unfunded pension obligations to its state workers. These obligations will not be fixed overnight – they equaled more than half of total state income in 2013. Ohio’s long-running reluctance to fully fund its pension program threatens its ability to keep its promises to public sector retirees.
Based on the latest Ohio public pension actuarial reports the funded ratios are:
Numbers that New Jersey plans can only dream of but, considering the actuarial games that went into getting those ratios that high, would anyone other than a politician or public plan actuary (whose job it is to think so) consider those pensions secure?
Here is the Kasich clip in context where Christie gets to recite the economic talking points his staff settled on (getting rid of 10,000 state employees and something about creating more jobs than John O. Bennnett did in his 5 days as governor).