Is New Jersey Broke?

The New York Times reports on what Acting New Jersey Gov. Richard J. Codey had to say to Jon Corzine:

"Let me condense your transition report for you," he said, eliciting chuckles from the crowd. "We're pretty much broke. We have more debt than we can afford. Next year's budget deficit is at least $5 billion. School construction and transportation funding have virtually dried up. And we have a $1 billion pension payment due next year."

It's good to know that government workers in New Jersey can retire in their late 40's.