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New Jersey's Bonded Debt Drops, But Pension Pressures Rise
Description
New Jerseys bonded debt has seen a significant drop, now standing at $38.6 billion, marking the fourth consecutive year of reductions. This decrease is attributed to a special debt-relief fund and bond issuances for refinancing, which saved over $140 million. However, non-bonded obligations like pensions and health benefits have surged, with health costs alone increasing by over 80% in the last decade. Despite this, the states focus on reducing bonded debt demonstrates fiscal discipline.
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