The Public Pension System That May Bankrupt New Jersey

The Star-Ledger reports:

Edison Police Chief Edward Costello is one lucky guy. On his final day in office, he negotiated a whopping pay hike that boosted his pension to $115,000 a year. That's on top of the $62,000 he got for unused vacation and sick time.

If you work in the private sector, as most taxpayers do, this kind of deal strains the imagination. We'll never come close to it.

Who said working for the government means sub-standard compensation? Will New Jersey have to declare a Chapter 9 bankruptcy to get out of paying these lavish benefits? Will New Jersey have to sell all its land holdings to pay the government workers? Only time will tell.You understand now why government workers are politically active.Look at the payout.