Buying More Fluff

Yes the New Jersey Capitol Report interview with Senate President Stephen Sweeney on the pension crisis did consist of only a 3 minute softball Q&A since the full show is now on their website and the only other piece of frustration to add is another three minutes with former governor Donald DiFranceso under whose watch in 2001 pension benefits were increased for everybody, including then-current retirees, by 9% (benefit formula denominator was reduced from 60 to 55) who actually had a solution:


.
Jobs?  What business is going to be attracted to (or stay in) the state with the worst business tax climate in the nation where in addition to the standard Jersey corruption to be subsidized they will be asked to come up with an extra $200 billion to pay for past sins?

Nobody is asking and those people who should be answering are not going to put themselves in a position to be with anyone likely to hold them accountable. The sad part is they don’t need to.

8 responses to this post.

  1. Posted by Anonymous on November 10, 2014 at 10:26 pm

    So DiFranceso “signed the bill” to raise pensions by 9% in order to keep and attract qualified public employees? Wasn’t he also running for governor? Guess that little giveaway did not help him any.

    Reply

  2. Everybody’s guilty so no one is guilty?

    How about this? Generation Greed is guilty. And not just on pensions, and not just in New Jersey.

    http://larrylittlefield.wordpress.com/2014/08/10/generational-equity-and-the-legacy-of-todays-politicians-update/

    Reply

    • Excellent article. Lets hope everybody wakes up before it is really too late. I know you touched on it but lets not forget that not only are less people working and paying taxes and more able bodied people are collecting welfare, disability, food stamps, HUD,etc and/or working under the table. Interesting to note that the suburban model of NJ is over and hasn’t seen growth in quite some time. Many more retirees to pay out that are working. As home values continue to fall due to rising taxes, its a wonder that younger people with families are so dense that they can’t see that these local and municipal taxes are eating them alive.

      Reply

  3. I didn’t mean to imply that the poor were the problem. False prosperity is a good description. Less and less for the working private sector middle class pushing more people onto social programs. Perhpas it is all an illusion and will continue until we are long gone. Do you actually believe that these public pensions and life time health benefits will go on forever? Not sure how that would work but its anyone’s guess.

    Reply

    • They just want to defer passing out the pain as long as possible. With the idea that once the crisis hits, everyone already receiving will be “grandfathered” and all the pain will be allocated to those coming after.

      In NYC we’ve had several rounds of retroactive pension increase for those cashing in and moving out, followed by lower pay and benefits for new hires. What does THAT have to do with attracting good public employees.

      “Do you actually believe that these public pensions and life time health benefits will go on forever?”

      How about Social Security, Medicare, a viable infrastructure, etc etc.

      Reply

      • Posted by Anonymous on November 12, 2014 at 12:02 pm

        So will the pensions , ssi, etc be reformed any time soon?

        Reply

        • Posted by bpaterson on November 18, 2014 at 4:50 pm

          combine all public pension money into the social security money, find the denominator of number of recipients. Reset it to what we now have in the fund total. Split up all recipients into 3 groupings, each group haveing a set $ figure for pension payout. Determine the groups and the $ figure criteria by some equation and data to be determeined. Apply to all retired and working and move forward funding it from now one.

          Reply

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