http://www.thepublicpurse.com/2010/02/13/state-of-the-states-liquidity-is-becoming-an-issue/ Wed, 15 Jun 2011 20:57:57 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.thepublicpurse.com/2010/02/13/state-of-the-states-liquidity-is-becoming-an-issue/comment-page-1/#comment-181 admin Mon, 15 Feb 2010 04:50:47 +0000 http://www.thepublicpurse.com/?p=653#comment-181 To add detail to the charts -- they are adjusted for population -- given the migration that takes place from state to state each year and governments' spending response. The charts also combine expenditures of state and local government to illustrate the effect of post Reagan and Contract with America years. In spite of a significant recession in the early 1990's New Jersey had good population growth during the 1992-2000 period and more modest growth from 2000-2008. Expenditures went up moderately during the first period, but down on a per capita basis. All figures are in constant dollars. And yes, the $2.8 billion pension bond issued in 1997 under Gov. Whitman's administration did create a postponement of payment from current expenses plus there was a moratorium on local pension contributions. See interesting discussion of New Jersey's pension issues here: http://libertyunbound.com/article.php?id=52 To add detail to the charts — they are adjusted for population — given the migration that takes place from state to state each year and governments’ spending response. The charts also combine expenditures of state and local government to illustrate the effect of post Reagan and Contract with America years. In spite of a significant recession in the early 1990’s New Jersey had good population growth during the 1992-2000 period and more modest growth from 2000-2008. Expenditures went up moderately during the first period, but down on a per capita basis. All figures are in constant dollars. And yes, the $2.8 billion pension bond issued in 1997 under Gov. Whitman’s administration did create a postponement of payment from current expenses plus there was a moratorium on local pension contributions. See interesting discussion of New Jersey’s pension issues here: http://libertyunbound.com/article.php?id=52

]]> http://www.thepublicpurse.com/2010/02/13/state-of-the-states-liquidity-is-becoming-an-issue/comment-page-1/#comment-180 Marc Pfeiffer Sat, 13 Feb 2010 14:53:53 +0000 http://www.thepublicpurse.com/?p=653#comment-180 The charts showing expenditure change are really interesting. The drop in New Jersey spend in the 90's leads me to wonder why - could that be in part the result of pension obligation bonds that reduced the spend that should have been made? And would that be a significant amount? Which leads to the question would there have been other deferred spending practices that would confound the data? The charts showing expenditure change are really interesting. The drop in New Jersey spend in the 90’s leads me to wonder why – could that be in part the result of pension obligation bonds that reduced the spend that should have been made? And would that be a significant amount? Which leads to the question would there have been other deferred spending practices that would confound the data?

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