No. of Recommendations: 5
One day the bill will come due. Who will pay it?

Well, it'll start with the people of NJ. They've been voting for people who prefer to spend the tax money on civil service benefits/pensions over other things. And if that's what they've chosen, then that's what they will pay for. Normally, I would say that eventually the feds would bail them out one way or another, but that might take a long time. And because there may be more than one state (NJ, IL, etc) that needs bailing out at roughly the same time, it might be difficult to get political support to do so. I'm not sure if the people of CA and NY will be willing to bail out NJ and IL. We shall see.
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