Bonding for Pension Payments and Calling Out Whiners

Governor Phil Murphy was asked what he will do with the $10 billion New Jersey will be borrowing:
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Making payments into the public employee retirement system is on the list:
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Full answer and a question for those whiners who object to borrowing $10 billion:

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Emergency Borrowing Bill Introduced in NJ Senate

A bill allowing the state of New Jersey to borrow up to $9.9 billion will be law come Friday but today was the first view the general public got of S2697.

Among the highlights:

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NJ Emergency-Borrowing Safeguard

A4175 will sail through the legislative process this week allowing the New Jersey democratic party to borrow whenever they want for however much they want for whatever reason they throw out there without voter approval. It won’t all be in this bill which caps borrowing at $9.9 billion but, if more tax money is needed in a year (or month) from now, more will be borrowed.

A draft of the law obtained (though not shared) by NJ Spotlight noted, among other tweaks, a ‘major change’ that is supposed to protect New Jersey taxpayers against democrats turning the power to borrow into a blank check.

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Nothing But Sympathy

When asked what New Jersey government has for people suffering economic carnage here:
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True enough. A bankrupt state waiting on federal assistance or junk bond status, whichever comes first, has nothing to offer. Four months in and a strategy is still MIA. It should be painfully obvious that we are each on our own.

Full segment here along with a clip from June 18 on what Meet the Press should be asking about:

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Sports Are the Reward of a Functional Society


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That quote in the title was what I heard on sports radio today that made me seek out this clip but the point about closing down for a little while and not using that time to do anything productive struck home. I said it back on April 17 and it only got worse since.

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New Jersey To Borrow Up To $9.9 Billion

From today’s covid briefing/rally:
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When asked about it by reporters:

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Responsibility for Taxes & Deaths

Governor Phil Murphy was on Chat Box with David Cruz tonight and he made it clear what’s ahead for New Jersey taxpayers:
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And asked point blank:
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Full segments for those who want to know the status of the coming tax hikes and how Canada and nursing home operators are responsible for killing old people.

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JRS Experience Study

The Judicial Retirement System (JRS) is projected to be the first of New Jersey’s public pension plans to run out of money on paper. Yet, we have a law requiring the preparation of an  Actuarial Experience Study for July 1, 2014 through June 30, 2018 for the plan which was dated January 17, 2020 but just hit the state website yesterday.

Here is what I got out of it:

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Begging to Borrow

A bill to have New Jersey foist $5 billion in debt on future taxpayers to keep various gravy trains fueled was passed by the Assembly on June 4 and today Governor Phil Murphy pushed to get the State Senate on board:
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Reporter questions today on this new borrowing follow:

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Masking Incompetence (Or Worse)

Later today Governor Murphy is supposed to announce that in New Jersey masks will now have to be worn OUTSIDE! Science and data will doubtlessly be cited beyond:
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But that’s really how it’s done here (assisted by puppeteering from the NJEA et alia) and though wearing masks when running or playing basketball will be a nuisance the real danger from this type of decision-making is when it winds up costing taxpayers billions of dollars.

For example, the NJEA wanted to lower costs that their members pay for health insurance so they passed this law that does just that which, based on my review, will likely wind up costing taxpayers approximately $300 million annually to start. However, when justifying passing this bill the annual savings was said to be $1 billion. Where did they come up with this number? NJSpotlight sought to find out and they ran into this.

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