Please Pledge


New Jersey’s public pension system will bankrupt taxpayers, public employees, or some combination with the speed of default dependent on how it is decided to sequence the patches.

It is time for real change and the New Jersey Taxpayers’ Association has this day put out a call to all to work for a fairer public pension system in New Jersey.
Please sign on.

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14 responses to this post.

  1. Posted by Jeffrey on September 12, 2012 at 8:42 pm

    Taxpayers cannot afford the promises made by those who accepted the bribes. It is that simple. It will get VERY ugly, but we cannot afford to do otherwise. We need to raise the age of retirement to that of SS, rescind the 9% increase granted in ’01, and fix the problem. It is THAT simple. NO MORE BOAT PAYMENTS.

    Reply

  2. ” 3. Current shortfalls could be made up with taxes over some amortization period (as is being done now) or borrowing.”
    …………..a joke, right?

    Priority for lower ‘taxes’ – progressive income or cruel property?

    Reply

  3. Posted by Tough Love on September 12, 2012 at 10:47 pm

    John, a few suggestions re the NJTA Pledge:

    (1) Item #1 says “Freeze all benefit accruals immediately”. While I believe the target of this freeze is CURRENT (as well as NEW) workers, that should be clearly stated.

    (2) Bullet #3 says “Current shortfalls could be made up with taxes over some amortization period (as is being done now) or borrowing.”. NJ Taxpayers can’t afford the tax increases necessary to pay this off over ANY reasonably amortization period, and borrowing the money is an astoundingly horrible idea (as someday NJ may HAVE TO choose who to screw, and that choice better be haircutting these workers excessive pensions rather than screwing the Bondholders if we expect to have continued access to the capital markets. Borrowing, eliminates that choice). A VERY thorough long term (20+ year) projection is necessary (with the scenario testing typical of such actuarial projections) so the real cost of paying off the unfunded liability is quantified and can be compared to similar revenue projections. The upshot may be that current actives and retirees will likely need to absorb some of the payoff costs.

    (3) the 1-st bullet under Rationale for Change says … “Public workers need to get paid what their work is worth.” should be extended to say “… but not more that what a similarly situated Private Sector worker (or one in a job with comparable risks) earns. This Private/Public Sector comparison should be on “Total Compensation” (cash pay + pensions + benefits), not just cash pay.

    (3) Lastly, while somewhat off topic, where is the proposal to end any further accruals toward retiree healthcare. With almost nobody in the Private Sector getting this any longer, there is no justification for it’s continuation in the Public Sector.

    Reply

  4. Posted by eatingdogfood on September 13, 2012 at 3:14 pm

    You really didn’t think that Governor and his Double Dealing.
    Democratic Cohorts would Stab their Union Bosses in the Back, Did Ya?
    Only one way out of this! Declare Martial Law and Nationalize the.
    National Guard and Arrest All the Democrats and Union Bosses on RICO.
    Conspiracy Charges!

    Reply

  5. Posted by Eric on September 13, 2012 at 6:23 pm

    As far as financial news is concerned, the Fed, as I predicted, gave the stock market another “sugar high” as Ben Bernanke is hell bent on destroying the purchasing power of the dollar. The insane money printing will have no end.
    Also, as expected, the German high court, gave its blessing to the destruction of the euro. There likewise is no solution and never will be one to satisfy the banksters.
    Gold and silver are going ballistic, also as expected. Perhaps the pension funds should have invested in gold, silver and oil instead of a failed casino in Atlantic City.
    Eric

    Reply

  6. Posted by Anonymous on September 13, 2012 at 8:58 pm

    SAy goodbye to all your free parks etc. Let me not even be open at all since there be nobody to run them. You wont know what you are missing till its gone. You are spoiled now. But most you probably sit home on the computer or watch tv so you will be okay.

    Reply

    • Posted by Tough Love on September 13, 2012 at 9:44 pm

      IQ = 50?, 70?, maybe 90?

      Reply

      • Posted by Anonymous on September 13, 2012 at 10:36 pm

        Hi my name is TL. I love to insult my fellow human beings. My parents didnt treat me right so now I lead a miserable life where I try to control others and put them down every chance I get. welcome to my pitiful world.

        Reply

        • Posted by Tough Love on September 14, 2012 at 12:44 am

          I knew it was you …. the ongoing end-of-the-world is coming storyteller and chief jerk.

          You are an embarrassment to whatever gov’t employer you work for.

          Reply

  7. Posted by Anonymous on September 17, 2012 at 10:38 pm

    John, why havent you mentioned the ruling by the judge in Wisconsin yet? I am surprised you havent.

    Reply

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