Christie Bashing

New Jersey Governor Chris Christie held a news conference yesterday where he announced that he was nominating Chief Justice Stuart Rabner for tenure on the NJ Supreme Court (which might mean COLAs come back) where he ventured into several areas that provided an opportunity to bash perceived opponents.  He may have valid points in other areas but on the pension issue he is dangerously misguided and his bravado makes his ignorance all the more dangerous.

As to the missed pension payments he explained:
.

  1. If you do not have the money then you do can not make the promise in the first place.
  2. Those tens of billions of dollars in the pension fund already are either the employees’ own contributions that need to be returned to them or one-half of the annuity value of pensions due current retirees.
  3. If deferring the pension payment was the choice then what happens when those tens of billions of pensions dollars do disappear?  Does the choice then become defaulting on bonds?

Throughout the news conference Christie continued to bash everyone he was asked about:
.
Unions


.
Media critics


.
Those who criticize how he sucks up to Jewish campaign donors


.
Washington, DC politicians


.
Credit Rating Agencies


.
the New Jersey State Bar Association


.
There may be some truth in what he says and a few may still be laughing with him but those who understand what he has done to the New Jersey pension system (behind only Christie Whitman as its chief assassin) are not being entertained.

26 responses to this post.

  1. Posted by FormerJerseyan on May 22, 2014 at 2:34 pm

    What were his other choices again? Oh yeah, raise taxes on “the rich” and also umm, yeah that’s the ticket, eliminate “pay to play” and spending on capital improvement projects. Sure, that will free up billions. Or not.

    Reply

  2. Posted by JM on May 22, 2014 at 2:42 pm

    He could always raise the gas tax a few cents (it is one of the lowest in the country) and use that money for the Highway Trust Fund…He could always blame the oil companies.

    Reply

  3. Posted by MJ on May 22, 2014 at 6:05 pm

    Im sorry I must have missed something….there is no money in the budget for pensions or much else but with the nomination of Rabner, the COLAS most likely will be re-instated,,,,and where will that money come from in the budget? Is the nomination of Rabner the political compromise for not funding pensions as he will be the deciding vote on most things.

    Reply

    • Posted by Tough Love on May 22, 2014 at 6:53 pm

      The money to pay the COLAs (if reinstated) doesn’t come out of the budget. It comes from pension Plan assets. Cristie knows NJ’s pension Plans can’t be saved with or without COLAs. Reinstating them just moves up the day of judgement (pay-go) … meaning that our elected officials will finally HAVE TO make a choice, either reduce the pensions or raise taxes through the roof. My money is on pension reductions.

      As to the Rabner deal, Christie gave in to that re-nomination (knowing that he will vote to reinstate the COLAs) in exchange for the Democrats agreeing to support one Christie’s OTHER choices (Lee Solomon) for a NJ Supreme Court judgeship.

      Reply

      • Posted by Tough Love on May 23, 2014 at 11:52 am

        Lets change that from ….. “our elected officials will finally HAVE TO make a choice, either reduce the pensions or raise taxes through the roof. ”

        to … “our elected officials will finally HAVE TO make a choice, either reduce the pensions, raise taxes through the roof, or eliminate retiree healthcare subsidies and use that money to keep the pension system alive for a while longer. “

        Reply

  4. Posted by Eric on May 22, 2014 at 8:46 pm

    I respectfully think you have it wrong. Rabner may be conflicted out of the case. I doubt he will vote at all.
    Eric

    Reply

  5. Posted by Anonymous on May 22, 2014 at 9:40 pm

    There may be some truth in what he says and a few may still be laughing with him but anyone who understands what he has done to the New Jersey pension system (behind only Christie Whitman as its chief assassin) are not being entertained.

    Reply

    • Posted by Tough Love on May 23, 2014 at 12:34 pm

      “He” didn’t do anything to cause this pension mess. The blame primarily falls on decades of elected officials who (w/o explicitly saying so) agree to accept Public Sector Union campaign contributions and election support in exchange for favorably voting on pension so egregiously generous (and hence costly) that they knew (or should have known) were NEVER necessary, affordable, or fair to NJ’s Taxpayers.

      Reply

  6. Posted by Anonymous on May 23, 2014 at 1:36 pm

    hahahahahahhahahahahahahahahahaahahahahhaahhahaahahahahahhaahahhahahahahahahahahahahahahahahahahahahahahhahahaahhhahahahahahahahahahahahahhahahahah. oh boy what a maroooon!

    Reply

    • Posted by Tough Love on May 23, 2014 at 2:18 pm

      What a fastening individual.

      Even your Public Sector associates must be thinking ….. “what a jerk”.

      Reply

      • Posted by MJ on May 23, 2014 at 5:03 pm

        I read on another web site that there isn’t any legal or constitutional reason why pensions can’t be reduced even for those already retired. There is nothing stopping the politicians from reducing everything unless of course their own loss

        Reply

        • Posted by Tough Love on May 23, 2014 at 5:15 pm

          My recollection of the situation in NJ is that “supposedly” we are on the hook for PAST service pension accruals (for both actives and those already retired), but the COURTS said they cannot force adequate funding of those promises …. exactly what has been happening for decades.

          While the workers and their Unions argue that FUTURE service accruals cannot be cut, and a while back there was a NJ Legislative Office legal opinion that future service accrual rates can only be cut for those with less than 5 years of service, as far as I know, that’s never been Court-tested.
          ———————————————————————

          I said “supposedly” above because it’s becoming abundantly clear that short of massive tax increases or massive cuts in essential services, NJ will never have sufficient revenue to pay all that has been promised ……. regardless of COURT decisions.

          Reply

        • Posted by Anonymous on May 23, 2014 at 8:26 pm

          Your source is completely incorrect. As John stated, the money left in the fund is all from the employees, the state is on the hook for the balance. This is why the credit rating continues to go down. Bond holders, like pensioners, will be on the hook. That will have a devastating impact on the whole state.

          Christie provided 2 billion in business tax cuts that have produced no jobs, just record profits for companies. Meanwhile, high tax states like NY are rolling. I’m so tired of hearing him say “it’s someone elses’s fault” or I didn’t know. This guy is a complete joke.

          Reply

      • Posted by Anonymous on May 23, 2014 at 6:25 pm

        Started your drinking a bit earlier tonight, I see! As you admitted yourself you just cant stay away from the happy sauce!

        Reply

      • Posted by truthnolie on May 23, 2014 at 6:41 pm

        “What a fastening individual.

        Even your Public Sector associates must be thinking ….. “what a jerk”.”

        Well…first of all I think you mean “fascinating” rather than “fastening”…..but maybe I’m wrong since I’m just a public sector employee and you consider yourself so much better and more deserving (but you ARE in need of a dictionary).

        No…..I’m not thinking “what a jerk” but unlike you have a sense of humor and found that response comical in its brevity…..something you should really take note of (both the comical part and esp. the brevity part).

        Reply

        • Posted by Tough Love on May 23, 2014 at 7:11 pm

          Actually, when (in responding to Anonymous’ comment above) I said “what a jerk” I should have said ….
          ——————————————————————
          What a fascinating individual………..

          Even your Public Sector associates must be thinking ….. “What a jerk. No wonder why so many people think Public Sector workers are a bunch of uneducated, lazy, overpaid, and unproductive slobs”

          Reply

          • Posted by truthnolie on May 23, 2014 at 7:37 pm

            Uneducated as in (unlike you) knowing how to properly apply and/or spell “fascinating” instead of “fastening” you mean?

            Yes…..everything about you points to you being a Road Scholar (and yes….I know it’s Rhodes but in your case Road would fit).

          • Posted by Tough Love on May 23, 2014 at 7:49 pm

            Spellcheck, changed a misspelling and I missed the wrong word … happy now?
            ——————————————-

            truthnolie & Anonymous …. what a sad said pear (oh, that’s “pair”, isn’t it?).

          • Posted by Tough Love on May 23, 2014 at 7:52 pm

            See that, I did it AGAIN (“said” instead of “sad”).

            Please make sure to point that out.

  7. Posted by Anonymous on May 23, 2014 at 8:56 pm

    TL you are a self admitted drunkard, what does spell check like to call you. heh

    Reply

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