Christie Lies In State

NJSpotlight did a nice job puncturing some of the whoppers that New Jersey Governor Chris Christie threw out there in his delusional State of the State speech yesterday but they missed a few of the more absurd claims that leave one hoping that somehow one of the toadying quislings that Christie allows to question him might summon up the gumption to mention to hin.

Businesses Come, Businesses Go and it’s all good
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So Subaru, the Philadelphia 76ers, and Sandoz are attracted but Mercedes is not?  Maybe what they are attracted to are the tax breaks, PILOT programs, and giveaways.  Pay people and businesses to stay or come here and they may stay or come.  The question is who will pay.
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Property Tax Cap
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All the property tax cap did (in Union County anyway) is force localities that did not want to cut back on the pork to go to more debt and even outright theft to balance budgets.

Lie on Pensions
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The pension is in far worse shape than it was 5 years ago even if the 2011 reforms are upheld in the courts (highly unlikely) and those $35 billion in paper gains primarily in ‘alternative investments’ do not disintegrate.  Whereas in 2009 there were options now….

THE PLAN BARELY HAS 50% OF THE ASSETS NECESSARY TO ANNUITIZE ONLY (YES ONLY) THE RETIREES WITH THE OTHER 475,000 PARTICIPANTS HAVING LESS THAN NOTHING.

Then there were the issues that were left out of the speech (literally and physically in the first case):

Sandy Victims:
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Atlantic City
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Transportation Trust Fund Bankruptcy
No video to show here (or even any explanation in the media to link to.)

10 responses to this post.

  1. Posted by RealRep on January 14, 2015 at 2:32 pm

    It’s obvious his goal was to cannibalize the system before furthering it’s destruction. Heck of a job.

    Reply

    • Posted by Tough Love on January 15, 2015 at 1:48 pm

      Well, if by “system”, you mean the Public Sector Defined Benefit “System”, then yes, it should end (be hard frozen with no future growth), because it is unnecessary, provides grossly excessive and unaffordable pensions, and is unfair to Taxpayers,

      Replace them with 401K-style Defined Contribution Plans just like (and EQUAL in amount to) what Private Sector Taxpayers get.

      Got a problem with EQUAL ?

      Reply

  2. Posted by RealRep on January 14, 2015 at 2:44 pm

    Job creation? 82 million in tax credits to bring the 76ers practice facility to Camden. 118 million to bring 100 Subaru jobs to Camden. Camden is the model? I give him credit for keeping a straight face.

    Reply

  3. Posted by Javagold on January 14, 2015 at 9:38 pm

    The Jersey Comeback. DOA. Not to be confused with DO AC.

    The house of cards comes down in 2015….
    If you don’t hold it, you don’t own it.
    A bird in the hand is worth two in the bush.
    I will gladly pay you Tuesday, for a hamburger today.

    Reply

  4. Posted by George on January 15, 2015 at 12:20 pm

    State and local pensions are only part of the problem:

    Increase taxes to stop defense cuts?http://www.politico.com/story/2015/01/sequestration-tax-increase-defense-114252.html

    Congress approves bill reversing military pension cuts
    http://www.foxnews.com/politics/2014/02/12/congress-approves-bill-reversing-military-pension-cuts/

    Reply

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