"The pensions that ate New Jersey"
Back in January, a report from the Common Sense Institute of New Jersey warned that without serious reforms, the system is headed for bankruptcy. The main reason for this is the outdated system of promising defined benefits rather than the defined-contribution system that dominates in the private sector.
As one coauthor of the report put it: “Defined-benefit plans and politics are a toxic combination.”
UPDATE: Oops, my bad. Rhode Island is the Detroit of the East.