New Jersey in the Red

New Jersey has one of the worst budget deficits in the nation,according to Governor Jon Corzine.Although the state is a center of the pharmaceutical,chemical and shipping industries,it is still plagued by red ink.This is because of twenty years of structural mismanagement,coupled with a recession,Mr.Corzine said.Mr.Corzine,a former chairman of Goldman Sachs(GS),is displeased by the risky attempt to close the state pension funding gap by taking on more debt in the form of pension bonds.That's the way he used to operate at Goldman Sachs,the governor observed.