After becoming a national household name with his role in Hurricane Sandy – even earning a shout-out from Jon Bon Jovi at the 12-12-12 fundraising concert – it seems that New Jersey Gov. Chris Christie's potential downfall might be his role in handling the state's retirement system.
According to the New York Times, the state's financial problems are at a crisis level. And while things are not quite as bad as they are in Illinois, critics suggest that Christie may still be in trouble when it comes to trying to sort out the state's pension system.
The bipartisan State Budget Crisis Task Force recently reported that Christie's recent pension overhaul – which saw a significant cutback in retirement benefits – slowed the state's pension issues but did not solve the issues. The task force is led by former Federal Reserve chairman Paul A. Volcker and former New York lieutenant governor Richard Ravitch, and is looking at retirement issues in six states.
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