Christie on Current State of NJ Pensions

In a ‘blame Washington, DC’ and ‘praise Camden, NJ’*  speech New Jersey Governor Chris Christie deigned to touch on pensions.


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More delusional platitudes with the only notable comment being that the commission set up to come out with recommendations for change is ‘hard at work’. Ray Guy couldn’t have sent it further.

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* recently named the most dangerous town in America (August 7, 2012) and number ten in the world (February 16, 2014) and though things may have improved with county police on the job take a look at the rest of that list:

  1. Aleppo, Syria
  2. San Pedro Sula, Honduras
  3. Caracus, Venezuela
  4. Cape Town, South Africa
  5. Kabul, Afghanistan
  6. Acapulco, Mexico
  7. Mogadishu Somalia
  8. Karachi, Pakistan
  9. Maceio, Brazil
  10. Camden, NJ

 

24 responses to this post.

  1. Posted by RealRep on January 13, 2015 at 5:09 pm

    You called it John.

    Reply

  2. Posted by Tough Love on January 13, 2015 at 5:34 pm

    Quoting from his State of the State speech …..

    “We need to have an effort that includes everyone responsible for property taxes – the Senate, the Assembly, our Administration and local government to provide local government with the authority to run their governments like a business: consolidate, share services, cut duplication and ultimately actually reduce property taxes.”

    “Run their governments like a business” … I like that idea.

    What percentage of successful businesses today provide Traditional-style Defined Benefit pensions …. (noting that even the VERY few that still credit current service in such Plans are rarely more than HALF as generous as formulas and provisions TYPICAL of Public Sector DB plans granted to almost ALL Public Sector workers).
    —————————————————————

    And who but PUBLIC Sector workers get ANY (yes ANY) employer-sponsored retiree healthcare benefits today ?

    Remember that saying ..”Hey Buddy, got a DIME?

    Make that …”Hey Buddy, got a spare $250K-$500K so I can get retiree healthcare too”
    ————————————————————-

    It’s no wonder our property taxes are so high.

    Dear Taxpayer …. simply REFUSE to fund the current Grossly Excessive Public Sector pension structure that continue to accrue additional benefits every day. And don’t fall into the biased “study” scam (Union-funded). Don’t compare the generosity of NJ’s Public Sector Pension Plans to other State’s and Cities ALSO grossly excessive PUBLIC Sector pensions & benefits, but compare them to what you … the PRIVATE Sector taxpayers …… get in pension & benefits from YOUR employer.

    Reply

    • Posted by Anonymous on January 14, 2015 at 12:41 am

      TL is the kind of citizen that Christie really really loves. She takes everything he says, hook , line and sinker! sad really

      Reply

      • Posted by Tough Love on January 14, 2015 at 1:20 am

        Occasionally, yes occasionally, try to post something useful.

        Concentrate REAL hard ……. you can do it.

        Reply

  3. Posted by javagold on January 13, 2015 at 6:38 pm

    Collapse. Default. We will have a front row seat to this clusterfuck. Pass the popcorn.

    Reply

    • We might but it’s becoming obvious that Christie’s fantasy is to watch from DC for 16 years, first as Romney or Bush’s VP and then as the big man.

      And I don’t see any need for euphemisms.

      Reply

  4. Posted by javagold on January 13, 2015 at 6:41 pm

    Fat liar doesn’t even know the difference between Millions and BILLIONS

    Reply

  5. Posted by javagold on January 13, 2015 at 6:44 pm

    I always keep saying. Send the $12,000 Bill in the mail each year. If they did, the Pension ponzi pyramid scam will be closed down tomorrow.

    Reply

  6. Posted by skip3house on January 13, 2015 at 7:02 pm

    ” …with 35% MORE police……” ? Camden now, from 260 to 400….

    Reply

  7. Posted by Carlos on January 13, 2015 at 8:10 pm

    Wow,what a disappointment this had to be today for TL and Java. With piggie about to skiddadle any day now and with the republican hogs having zippo chance of getting anywhere near the Gov.mansion in the next years thanks to piggies inept administration. One has to wonder just how much lube TL and Java will need to help ease the pain of the tax hike that surely is coming. Don’t cry to hard girls,you had a full 5 years of coddling and protection. Hopefully lube is covered for you girls under Obamacare.

    Reply

    • Posted by Tough Love on January 13, 2015 at 8:42 pm

      Disappointed? Not at all, it’s exactly the outcome I expected.

      Political announcements are NEVER made publicly until the the deal has already been cut behind the scenes. And THIS (pensions) is the 800 lb Gorilla of a problem. Any real solution HAS TO include great financial pain…. and neither side, the Republicans (accepting tax hikes) or the Democratic Legislators (willing to stand up to their Union benefactors and REDUCE pensions for all CURRENT workers). is yet willing to do so.

      Would I have like to see a deal cut to materially reduce, or better yet, freeze the DB Plans, sure, but did I “expect” it …. of course not.

      But if you think hat bodes well for Public Sector worker retirement security, you’re nuts. I saw no mention of ANY pension funding commitments.

      Reply

      • Posted by Anonymous on January 14, 2015 at 6:10 am

        bwahahahahahhaha, it bodes even worst for tax payers. I saw no mention of tax payer relief.

        Reply

        • Posted by Tough Love on January 14, 2015 at 10:32 pm

          Nobody is really expecting tax “relief”.

          The discussion is about higher taxes vs material reductions in Public Sector pension and/or benefits.

          Yup … I’ll take the latter !

          Reply

  8. Posted by MJ on January 14, 2015 at 9:11 am

    Seriously, its game over so what do you want him to say…the pensions will go bust and the result will be painful? We already know that…….and then some

    Reply

  9. Posted by Anonymous on January 14, 2015 at 9:55 am

    MJ, did you forget that Christie praised himself for saving pensions only a few years ago and he said workers would thank him? I guess you forgot, that is why he is able to get away with saying anything he desires regardless of whether is it true or not. Well he is a smart guy because he knows that people like you expect him to lie and wont hold him accountable. Or I am wrong and he did nothing wrong and told the truth

    Reply

  10. Posted by Anonymous on January 14, 2015 at 10:18 am

    Maybe Christie thinks he can get electe and effect change at the federal level and enact a pbgc type plan.

    With this, there will be a safety net at a significantly reduced payout. Voters may go along with it because unlike the current scheme, where public pensions bet it all on black, pensions will be reduced withy the highest taking the biggest haircut.

    If there is no safety net, everyone is going all or nothing due to the lucrative scheme currently in place.

    ( pardon any typos)

    Reply

    • Posted by Tough Love on January 14, 2015 at 1:10 pm

      I would like to see a PBGC system put in place for Public Sector Plans on the exact same terms as the current plan in place for Single employer Corporate Plans. Just FYI, the PBGC maximums are pretty modest at young ages … specifically, $27,061.32 annually at age 55 and $21,047.76 at age 50.

      Of course (since it’s protecting the EMPLOYEE’S pension) the full cost of that PBGC “insurance” should be paid for by the Public Sector workers … NOT the Taxpayers.

      Reply

      • Posted by Anonymous on January 14, 2015 at 1:34 pm

        Exactly, liabilities get discharged. Early retirees get screwed. High income annuitants get screwed and unionized private sector democrats support it because that’s what happened to them.

        Taxpayers implement 401ks and retirees in Florida huff and puff.

        At the state level Christie should do nothing and let the union man Sweeney shovel cash that could have gone to his private sector iron worker members in the form of massive public projects.

        Reply

  11. Posted by Anonymous on January 14, 2015 at 11:03 am

    Christie has been involved in scamming the public since his days with the Bush Administration and nothing will change

    Reply

  12. Posted by Rick Dove on January 14, 2015 at 8:10 pm

    Is Christie kicking the can down the road?

    Reply

    • Posted by Tough Love on January 14, 2015 at 10:25 pm

      More like our Democratic legislature ………. bought-off with Public Sector Union campaign contributions and election support ….. won’t listen to anything but tax hikes. when what is eminently more justifiable are very material reductions in the pensions & benefits promised NJ’s Public Sector workers.

      Reply

  13. Posted by Anonymous on March 2, 2015 at 12:00 pm

    I WONDER WHAT WOULD HAPPEN IF ALL PUBLIC SECTOR WORKERS LET THEIR TIME RUN OUT AND NO ONE
    TAKES THESE JOBS WHERE WOULD WE BE THEN.?

    Reply

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