The report on New Jersey was released a few hours ago by the State Budget Crisis Task Force. I expect to have highlights soon but, for now, I found what Richard Ravitch had to say in his closing remarks during the live stream* of the prolegomenon most insightful. What galls him the most is:
Posts Tagged ‘richard’
The spoils system that passes for most government in New Jersey becomes transparent when consulting and legal fees are examined.
One of the factors in whether I read a book these days is if the word ‘pension’ appears in the index especially when the book is about or by an insider who may have information to impart. So when a book about a former Alaska governor and by a former New Jersey governor came out on the same day (May 10) I eagerly awaited their arrival at the Kenilworth library so I could peruse their indexes. I wasn’t disappointed….about the Kenilworth library getting them, that is. Based on each books’ index I won’t read one and only have a passing interest in about two sentences in the other.
And so goes our public discourse. Both ex-governors had their own pension issues, either suing their actuaries or abetting their plan’s death spiral yet a combined 656 pages found no room for this critically important issue. Though I don’t believe pensions would come up if they were forced to write 656,000 pages. It’s not that important to them and, they suspect, to their readers which tells you everything you need to know about why these public plans will be going bust.
Richard Childs retired from Union County and this month began receiving a monthly pension of $3,402.87.
He was hired by the county on February 7, 2004 at an annual salary of $18,500. Had he kept at that salary the monthly check he would have gotten this month would have been $557.52. But he didn’t stay at that salary.