State by state, county by county, city by city: they will default. The money is not there. The promises were huge. New Jersey’s governor Christie is touring the state, telling the voters that the state will break promises to retired government workers. He is doing what other government officials refuse to do: tell the truth early. The public employees were told to trust the state. Silly people. They believed the promises: above-market salaries, tenure, and fat retirement benefits, including health care. Now fiscal reality is intruding. This has barely begun. A few New Jersey retirees are protesting. These protests will … Continue reading Christie Will Default on Government Debt