Chris Christie just finished up a live promotional spot on CNBC for his presidential candidacy and he spent five minutes dodging questions on the the fiasco that is the New Jersey pension system that he is smack dab in the middle of gutting. John Meachum points up some obvious hypocrisy in his position but eventually backs off….
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The key excerpt form that inteview:
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Which reminds me of this exchange from the movie Spinal Tap:
Marty: The last time Tap toured America, they where, uh, booked into 10,000 seat arenas, and 15,000 seat venues, and it seems that now, on the current tour they’re being
booked into 1,200 seat arenas, 1,500 seat arenas, and uh I was just wondering, does this mean uh…the popularity of the group is waning?Ian: Oh, no, no, no, no, no, no…no, no, not at all. I, I, I just think that the.. uh.. their appeal is becoming more selective.
The New Jersey pension system is not being gutted. It is being strengthened since after that $1,000 monthly check gets cut to $100 there will be a much better chance that those $100 checks will keep coming based on what the state can afford to pay.
Burypensions Blog 
Posted by joellfrank on July 16, 2014 at 3:50 pm
He was winging it in 2009 and he is still doing so. Leaders must solve the sins of the past if they are to be considered leaders. No?
Posted by Tough Love on July 16, 2014 at 4:55 pm
Unfortunately, the workers consider the only “solution” to be full payment and on time as promised …. with someone else (the Taxpayers) paying for it.
That thinking doesn’t help us get to a real solution, which needs to included material pension reductions for the future service of all current workers.
Posted by Anonymous on July 16, 2014 at 5:10 pm
TL Voted for Christie, she is part of the problem. She will vote for him again when he runs for president. she deserves what she gets!
Posted by Anonymous on July 16, 2014 at 4:21 pm
He had no real answers to NJ’ s real problems yet he critiques the President. What’s his answer to urban gang violence? If you borrow 2+billion at the beginning of the new budget can you still tout a surplus? How do we apply “failed leadership” effectively to CC?
Posted by Endalimony4ever on July 16, 2014 at 5:57 pm
TL Calls it like she sees it. The truth is it would not matter who was Governor. The pension problems are so great that if we had the most brilliant former Goldman Sachs employee as our governor he would not be able to solve the pension issue. Oh wait we already had that!
Bottom line: these issues did not start under Christie, they started 30 or 40 years ago through both democratic and Republican administrations. Christie is just the latest in a long line of Governors who is hoping to get out of office without the SHTF. Its kinda like playing musical chairs, Christie is running around the chairs with Sweeney, Weinberg, Kean and all the rest of the jokers in Trenton. When the music stops, somebody is going to be left without a chair….Unless you are Chuck Prince in which case you just keep dancing!
Posted by Anonymous on July 16, 2014 at 8:03 pm
Christie is a liar and you my friend are a believer. Christie and you, perfect together
Posted by Endalimony4ever on July 16, 2014 at 9:57 pm
Don’t shoot the messenger!
Posted by Tough Love on July 16, 2014 at 11:05 pm
They shoot the messenger because accepting the MESSAGE (that their pensions are going belie-up in short order) is simply too much to bear.
Posted by Anonymous on July 17, 2014 at 12:47 am
Grendel has spoken, get the garbage receptacle
Posted by Endalimony4ever on July 17, 2014 at 1:56 pm
John has examined this issue very thoroughly. Even a simpleton like me knows that the pensions are going to fail. This is fact proven by Johns analysis of the pensions. As I said before, Don’t shoot the messengers!
Posted by Anonymous on July 17, 2014 at 12:49 am
Corzine put more into the pension system in one payment than Crispy Creme ever did in one payment.
Posted by Tough Love on July 17, 2014 at 8:38 am
And of course, it’s how much went in …..IN A SINGLE PAYMENT ….. that’s important …..right ????
Posted by Endalimony4ever on July 17, 2014 at 3:48 pm
so all things being equal Christie should be mandated to put in the full amount to fund the pensions at the expense of the rest of the budget and services offered to current taxpayers? If that is your expectation, then you should get nothing! When the plans fail you can expect to get 1/2 to 1/3 of what you were expecting.
Posted by Javagold on July 16, 2014 at 6:00 pm
Put every public taker on Obamadontcare. Pension ponzi solved for a few years.
Posted by RealRep on July 16, 2014 at 6:26 pm
When his failures here are tallied he won’t be able to get a job as a haberdasher.
Posted by Eric on July 16, 2014 at 10:43 pm
RealRep:
Remember, Harry S. Truman was a haberdasher before becoming president. He also dropped 2 atomic bombs on Japan. Don’t you think CC would just love doing something like that? It sure beats closing lanes on a bridge.
I think he will win the presidency.
Eric
Posted by RealRep on July 17, 2014 at 12:46 pm
Eric, I guess you never saw Spinal Tap.
Posted by truthnolie on July 17, 2014 at 7:20 pm
Also bet his amplifier doesn’t go up to 11
Posted by Anonymous on July 17, 2014 at 12:51 am
Cripsy Creme may very well win. He is a glorious liar and that should help tremendously since people like TL are desperate to believe.
Posted by MJ on July 17, 2014 at 7:23 am
What is he lying about? He clearly states that just because its not what everyone want s to hear doesn’t mean that there isn’t a serious pension problem and has been for years before he became governor. Maybe if most of the state budget wasn’t crippled by public pensions, healthcare, salaries, double dippers, etc there would be more funding available to address gang violence and other concerns. At least he is putting it out there as unpopular as it may be. The public sector is a la la land protected for years in a bubble. This is just the beginning.
Posted by Tough Love on July 17, 2014 at 8:40 am
Quoting …. “Maybe if most of the state budget wasn’t crippled by public pensions, healthcare, salaries, double dippers, etc there would be more funding available to address gang violence and other concerns. ”
Only MAYBE ????
Posted by Anonymous on July 17, 2014 at 12:35 pm
So failed leadership will be the legacy of CC’ s administration. There are other effective pension schemes in place ACTS and DROPS just expand. 401k is a miserable failure in payout the answer now is differed annuities for a portion of accumulation to provide a pensioner monthly payout. The private sector is addressing the misstep of trying to turn a supplemental pension benefit into a defined benefit payout.
Posted by Tough Love on July 17, 2014 at 5:12 pm
If Christie succeeds in materially cutting your pensions and/or benefits he will lease WONDERFUL legacy … to those that count … the Taxpayers.
Screw the insatiably greedy Public Sector Unions/workers.
Posted by Anonymous on July 17, 2014 at 9:33 am
When he ran for office he has the magic pill but wouldnt tell you what it was. Still has it and still wont tell you. Suckers!
Posted by Tough Love on July 17, 2014 at 9:42 am
Neither you nor he can fix that which is not fixable w/o material reduction in cost (and hence promises) ….. specifically, your grossly excessive pensions & benefits.
Posted by Endalimony4ever on July 17, 2014 at 3:41 pm
TL. I have always enjoyed you putting out the unvarnished truth! Not only are the pensions in trouble but the entire state. People are leaving in drives and I do not mean the lower class. The rich and upper middle class are flocking out of this state. I was in a very wealthy area of somerset county yesterday and I could not believe how many $ 1m + properties were for sale. Our tax base is on the decline because people have had it with the non sense in Trenton and the non sense perpetrated by our infamous Supreme Court. Both of them DO NOT live in the real world when it comes to finances. NJ may be the first state to declare bankruptcy or have to be bailed out by the federal government. Hold onto your wallets its going to be a bumpy ride.
Posted by Anonymous on July 17, 2014 at 4:55 pm
TL you and many other citizens still have plenty of money and assets. Until they are depleted Christie and every politician will continue to suck you dry. Dont think otherwise, because you keep voting for them. And they know you aer desperate. We are all going down together, not just the people who have pensions. However I am sure the people with money will have to go down first., then everyone follows. I know you dont want to admit it even though you call yourself a truth seeker,
Posted by Tough Love on July 17, 2014 at 5:16 pm
Quoting ….. “TL you and many other citizens still have plenty of money and assets. ”
I’m quite willing to spend my money on ESSENTIAL services (which includes costs of the sick, poor and elderly) …. but NOT for the grossly excessive pensions & benefits promised Public Sector workers.
Posted by Eric on July 17, 2014 at 5:15 pm
Anonomous:
Richard Nixon had a “secret plan” for ending the Vietnam War when he ran in 1968. I guess that the plan turned out not to be the greatest. I actually campaigned for Nixon in ’68 and met the man. Wow, how I have dated myself!
Eric
Posted by LGreene on July 18, 2014 at 5:02 pm
This seems to be an informed group on both sides of the issue. If someone had a credible plan that saved the State money, but also preserved a solid pension for employees, and stopped the accrual of certain benefits, then how would it be recieved and who would listen?
Posted by Tough Love on July 18, 2014 at 6:09 pm
I have seen no evidence that Public Sector Unions/workers are willing to accept a reasonably (50+%) share of the HUGE sums need to (at least partially) shore up their rapidly-failing pension Plans.
Rarely is more that 5 cents of each $1 desperately needed offered by these insatiably greedy Unions.
As you seem to understand, while it’s a BIG “political” problem, it’s also a MATH problem and won’t go away. We’re now in the “death spiral” with Plan assets running to zero in just a few years.
The Unions/workers are in for a rude awakening if they believe continuing the no-giveback posture is a good position to stick with.