But New Jersey Is a Disaster

There have been those out there who do not see a public pension crisis including Teresa Ghilarducci who took to public TV yesterday to make that exact claim but…..when it came to New Jersey:


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which is in line with what another denier, Keith Brainard of NASRA, had to say in response to an audience question at an Enrolled Actuaries meeting three years ago:
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5 responses to this post.

  1. Posted by Javagold on July 17, 2014 at 10:43 am

    Even Ghilarducci throws the Jersey Mob under the bus. Wow.

    Reply

  2. Posted by Eric on July 17, 2014 at 5:28 pm

    Yes. She also wants to “nationalize” 401Ks and IRAs so people can hold long-term government bonds in their portfolios which is the equivalent of possessing spent nuclear fuel rods. The Chinese and the Russians want no part of them.
    It is the poor defenseless retiree looked upon to own this garbage which is even more egregious in a time when when traditional pensions are unduly “strained.”
    Eric

    Reply

  3. Posted by Tough Love on July 17, 2014 at 5:40 pm

    Actually, what Mr. Brainard said was accurate, but when he suggested that NJ Taxpayers should stand up and demand “more”,(likely meaning that we should pay the full ARC), a much more appropriate Taxpayer response would be to demand very material (50+%) reductions in the pension accrual rate for the future service of all CURRENT workers.

    And doing so MIGHT be sufficient remove that share of CURRENT pension promises that would NOT have been granted in the absence of the collusion between the Public Sector Unions and our elected representatives….. specifically, the trading of campaign contributions and election support for favorable votes on Public Sector pay, pensions, and benefits.

    Reply

  4. Posted by LGreene on July 18, 2014 at 5:10 pm

    ” The actuaries will come up with the number that the politicians want”.. Keith Brainard.

    That says a lot right there. That may be one reason why mandating the payment of the ARC meets so much resistance.in some places. ..

    Reply

  5. Note how she dances away from New York City, given that New York State pension funds are relatively well funded and NYC pensions are about as well funded as New Jersey — with taxpayers kicking in far more.

    As I showed here, in an update of long term data on the three teacher pension plans.

    http://larrylittlefield.wordpress.com/2014/07/13/update-teacher-pensions-in-new-york-and-new-jersey/

    Here is what she REALLY doesn’t want to talk about.

    http://larrylittlefield.wordpress.com/2014/07/15/the-2008-nyc-2555-united-federation-of-teachers-pension-deal-an-investigation/

    Reply

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