Excerpt: In this multi-part series I will look at the proposed legislation in detail starting with some of the assumptions in that 2006 report that make their proposals suspect. Quoting from the Executive Summary: 'New Jersey's retirement systems have an $18 billion unfunded liability.... The State's health care benefits unfunded liability is estimated to exceed $20 billion.' Both assumptions are wildly off, even using 'official' phonied-up numbers. The unfunded pension liability was reported as $34.4 billion on June 30, 2008 and that number should rise to at least $50 billion when the June 30, 2009 reports are released. Using honest assumptions I get a deficit of $133 billion.