What’s Up with the New Jersey COLA case

Pension reform laws that included the elimination of cost-of-living-adjustments (COLAs) for current retirees were tossed out by courts in Illinois, Arizona, and Oregon but what is happening with Berg v. Christie in New Jersey?

A not-to-be-named participant in that case speculates:

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Christie Punts on Pension Reform in New Jersey

In an especially unctuous edition of Ask the Governor tonight there was one moment of enlightenment when a caller asked whether public employees should be racing for retirement in anticipation of another set of benefit reforms.

The answer was ‘no’ but (after months of speeches, warnings, reports, and general posturing) it was the reason that made news.

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Phonying Up Numbers To Suit Your Client

Not only am I not being informed when I watch news reports about Wall Street, but I swear to God, it feels like I am somehow having information erased from my brain. Jimmy Dore

There was an njspotlight story on how a plan for New Jersey to put in their pension contributions in 1/10th intervals would cost more than the 1/7th schedule purportedly in place now which included a handy chart that the actuaries would have developed that had a column projecting the state’s Annual Recommended Contribution (ARC) through 2045.

For FY2045 the guess was that the ARC would be $5.06 billion. For FY2018 the full 7/7ths amount was estimated to be $4.48 billion.  That comes to a 13% increase in the ARC over 27 years.

But according to a recent bond disclosure filing over the last 6 years the full ARC for the state portion of the plans actually went up 76% from $2.231 billion $3.935 billion:

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Loony Left on Social Security

dore

I was enjoying “Failed States” by Noam Chomsky until that final chapter on Social Security* which the left seems to have adopted as their mindless defense of the status quo.  So it is with “Your County Is Just Not That Into You” by Jimmy Dore which made some good points along with one of the dumbest arguments yet for ignoring the impending implosion of Social Security and Medicare.

Below are excerpts from my Memorial Day reading including that referenced inanity:

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Christie curse-fest and how the media keeps blowing it

Two of the ‘angry drunks’ (Tom Moran and Paul Mulshine) took umbrage at having their off-the-record evening reported and Christie’s remarks recorded:

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The scandal is believing that these mean-spirited ramblings bear some resemblance to what passed at the Algonquin round table or a Friar’s Club roast when it doesn’t even rise to a level acceptable to either Crispin Glover or Kiefer Sutherland from their druggie acolytes by the river.

What would have been funny:

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Christie Curses Out NJ Media

The New York Times even covered it primarily because the speech was surreptitiously recorded:

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Who Christie Doesn’t Care About

Though he didn’t use those exact words.

calude

Nationally there is the White House Correspondents dinner where politicians and those who cover them get to poke fun at each other. This is likely C-Span’s highest rated program and is covered widely in the mass media.

New Jersey has it’s own version called the New Jersey Legislative Correspondent’s Club annual show.  It was held last night and only one media outlet seems to have covered it.

Below are youtubes from prior years to give you the flavor and then what Chris Christie was reported to have said at this year’s event.

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