The New Jersey Public Pension Problem

The Philadephia Inquirer reports all is not well in New Jersey:

For years, New Jersey's underfunded pension system has been the simmering problem no politician dared to solve.

But with a pension-fund shortfall approaching $30 billion as baby-boomer public employees are poised to begin retiring, the state's next governor has little choice but to confront a pension puzzle that experts say has no painless answer.

Would really really want to own New Jersey state municipal bonds over the next 15 years?