New Jersey miracle: What about the rest of us?

A new study co-authored by Joshua Rauh of Northwestern University and Robert Novy-Marx of the University of Rochester, both finance professors, has concluded that without a change in their pension systems, federal, state and local governments 'will need to raise taxes by $1,398 per household every year for the next 30 years if they are to fully fund their pension systems.' The study also found that New Jersey 'will need to increase its revenue by the largest margin, requiring $2,475 more from each household per year.' That's if the new law hadn't passed."