Despite the pension reform of the summer, the Christie administration has followed the irresponsible steps of its predecessors and refused to fully fund the pension systems.
The deficit will negatively accrue and become a greater burden to New Jersey in the coming years. By 2018, the shortfall could reach the pre-reform figures.
Christie is just kicking the can down the road. Increasing un-met obligations of New Jersey could lead to further downgrades by the rating agencies. That in turn would increase the cost of borrowing, both short and long terms.