Fretting over the free and easy ways of government fiscal policy, the late Senator Everett Dirksen of Illinois once said, “A billion here, a billion there—pretty soon it adds up to real money.” This is still true. Take the case of the New Jersey public pension system. A billion to this non-pension use, a billion to that non-pension use—pretty soon the pension system is seriously under-funded. According to New Jersey newspaper, The Record (April 9, 2007), the New Jersey Public Pension system is under-funded to the tune of almost $33 billion—by any standard, real money.

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