Our analysis seeks to maximize efficiency and preserve intergenerational equity.
That was the second paragraph and it made it difficult to read the rest.
New Jersey Policy Perspective (NJPP) released a report yesterday citing nine bad decisions made over the last quarter century by Republican governors and the courts that brought New Jersey to this bankrupt state which they teased with a youtube:
and this introduction:
Nine key decisions have driven this downward spiral. Both major political parties and all three government branches contributed to the failure. Behind each decision were two unstated assumptions: that policymakers can promise essential services without bothering to pay for them, and that future taxpayers should bear the burden for today’s spending even though they will not benefit from it. At the heart of this duplicity is the intentional, systematic and large-scale raid by governors and legislatures of both parties of the assets that had been set aside for the funding of pensions and retiree health benefits for hundreds of thousands of public employees. The New Jersey Supreme Court abetted this massive, fraudulent raid.
The NJPP report fingers some of the villains (if you do a search the word ‘Florio’ does not come up and ‘Corzine’ is only a footnote) who brought us from this:
Just three years following the enactment of the  Pension Reform Act , pensions’ unfunded liabilities multiplied more than five-fold, to $4.2 billion from $800 million. (page 3)
The unfunded liabilities have reached a staggering $194.5 billion, according to a. The shortfall has increased by $19 billion — or roughly 10 percent — in the past year.
Twenty-five years of blatant generational theft under various guises have made the possibility of any type of generational equity going forward impossible (except if benefits were to be cut to the level at which they were funded which would mean about an 80% immediate across-the-board cut).
Perhaps instead of ‘preserve’ the FE authors had inserted ‘take a stab at’ it would have made some sense since you can’t preserve something that never existed.