Pandering for 2020

With the New Jersey budget debacle behind him our governor has some free time to commiserate with one of his constituencies that is also facing some hard times despite his best efforts.

Here are Governor Phil Murphy’s remarks at the AFSCME Convention including attacks on Christie, Trump, Oklahoma, the Koch Brothers, and the DeVos family. In reading this (if you so choose) keep in mind that this is the governor of the state with the highest taxes in the nation making it virtually impossible for ‘working’ people to live here.

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Jeremy Gold Papers

Jeremy Gold now has a wikipedia page primarily with information taken from his obituary in the WSJ and NYtimes that includes helpful links to his writings and presentations:

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NJ Constitutional Amendment To Undermine Murphy Some More

If you think Putin pulls Trump’s strings, we have something similar playing out in New Jersey where a politically seasoned Senate President is in the process of neutering a tyro governor.

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Pension Perspective Breakdown in NJ

NJ Spotlight’s John Reitmeyer joined NJTV News for what they called a “Budget Breakdown” with Part 1 being on the pension system.
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What we have here is a reporting breakdown as perspective goes out the window and your typical NJTV viewer is likely to be more confused at the end of the piece if they did not already grasp the basics:

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Jeremy Gold

On Friday someone sent me a link to a Wall Street Journal article titled “Jeremy Gold Shook Up Pension World With Warnings About Risks” and I assumed that Mr. Gold was making news again and I wanted to see what he was up to. Not being a WSJ subscriber, I could not get the full article online. I had heard that you can put the article title into google and sometimes it comes up with the full story but that did not work this time. So I went to the library yesterday to scour past papers. I looked through the headline and finance news and found nothing going back to Wednesday’s edition. Today I tried again online and the full article came up. I had been looking in the wrong places. In the obituaries….

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Multiemployer Plan Bailout Plan

Today’s hearing of the Joint Select Committee on the Solvency of Multiemployer Pension Plans (Bailout Committee) in Columbus, Ohio to get an “understanding [of] what’s at stake for current workers and retirees” touched on all the expected points:

  • there is a real crisis
  • PBGC premiums are too high
  • withdrawal liabilities are too high
  • something needs to be done now!

But of note was one minute (literally) where Representative Richard Neal (D-MA) laid out the plan:

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Bailout Committee Hearing Workers