State lawmakers recently took some shots at William Clark, the director of the state Division of Investment, because of the abominable status of the state's pension system. Some criticism is warranted.

But everyone's portfolio has taken a hit in the current economic meltdown. The main reason the pension fund is brimming with red ink is that year after year, state government has shirked its obligation to pay into the system. Governors and legislatures have promised more benefits while using financial gimmicks as an excuse to avoid making payments.

Now, the pension fund is in a hole so deep that even the riskiest investment gambles - had they succeeded - couldn't make up the shortfall. The hard fact is that taxpayers are going to have to pay for state officials' political expediency.

There are certainly good reasons to question the investment division's performance under Clark, as state Senate Budget Committee members did at a hearing last week in Trenton. The pension fund is currently valued at roughly $57.8 billion, which represents only half of the liabilities it will one day owe. The fund has sustained $23 billion in losses this year, with $9 billion lost just in October. More