Three high-profile Democratic governors are struggling to stabilize their states’ retirement programs due to a falling stock market and may have difficulties paying out benefits in the coming years, according to Politico.
Democratic California Gov. Gavin Newsom, Democratic Illinois Gov. J.B. Pritzker and Democratic New Jersey Gov. Phil Murphy, all of whom are considered potential candidates for the 2024 presidential race, have poured billions of dollars into their states’ pension funds, according to Politico. They may struggle to maintain their public images if they’re forced to raise taxes or make budget cuts to keep pension payments flowing.