Video Reactions to Burgos

Reactions to the New Jersey Supreme Court decision in the pension payment case were what you would expect considering the sources but among the talking points there were some notable comments:


Governor Christie: the pension fund will go broke and who’s to blame:
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NJTV coverage:
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Senate President Steve Sweeney:
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“Every dollar we delay is going to cost us three dollars more.”
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Republican past and future gubernatorial candidate Steve Lonegan:
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NJTV’s Michael Aron on what’s next.
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“He looks like a union buster. He looks like Scott Walker taking on the public employee unions. On the other hand it underscores his state is fiscally kind of messed up and that could be used against him.”
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the NJEA:
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“He doesn’t care a bit about New Jersey. He will do anything and say anything to bolster his pathetic presidential campaign.”
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Steve Malanga:
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34 responses to this post.

  1. Posted by Tough Love on June 10, 2015 at 5:25 pm

    Quoting …… ““He looks like a union buster. He looks like Scott Walker taking on the public employee unions.”

    A Public Sector “Union Buster” is EXACTLY what NJ’s Taxpayers need.

    Reply

    • Posted by Anonymous on June 10, 2015 at 6:59 pm

      We see how his 1% policies areworking out for the majority of those in WI, as opposed to their (Democratic) neighbor’s in MN.

      Reply

      • Posted by Tough Love on June 10, 2015 at 11:12 pm

        I working out quite WELL for the “PRIVATE” Sector Middle Class … because the thievery by the “PUBLIC” Sector Middle Class (perpetrated upon EVERYONE else in Wisconsin) has been materially reduced.

        Reply

    • Posted by Anonymous on June 11, 2015 at 5:22 pm

      The court ruling didn’t overturn restoration of the cost of living increase. If the pension payments are extended to ten years the plans should be healthy. 401k plans are undergoing restructuring in the private sector to include income annuities. So explain the “win”?

      Reply

  2. Posted by dentss dunnigan on June 10, 2015 at 5:33 pm

    Sweeney sounds pathetic claiming “time is of the essence ” ..this guy has 16 in the legislature to do something about it ,he’s the guy that is solely responsibility for letting the millionaires to expire just for his political gain to embarrass CC . Well we all know how that worked out .

    Reply

    • Posted by Tough Love on June 10, 2015 at 11:14 pm

      Time is INDEED of the essence ….. the NJ Public Sector pension Plans death spiral (clock) just accelerated with the NJ SC decision.

      Reply

  3. Posted by Anonymous on June 10, 2015 at 6:44 pm

    John, why did Sweeney go along with Christie in the first place on the 2011 reforms? Cant figure that out unless he was the only guy on planet who trusted Crispy Creme

    Reply

    • I see two reasonse:

      1) He, like 99% of politicians, did not appreciate the full scope of the problem, primarily because no public plan actuary has a short-term incentive to tell the truth.

      2) If you get a commitment of contributions then there is no actuarial method yet developed (though it may be in the works) that will allow a plan to go broke since you always have the sponsor on the hook to pay for at least the benefit payouts. But without that commitment and guaranteed contributions at some level you are left to the generosity of the taxpayers through politicians to make good and there is no chance of that happening based on the numbers involved.

      Reply

  4. Thank you so much for once again posting your inane drivel that no one reads.

    Reply

  5. Posted by javagold on June 10, 2015 at 7:54 pm

    Boy the public takers must be getting worried. They have come out of the woodwork around here. Seems like we just passed the laughing stage.

    First they ignore you, then they laugh at you, then they fight you, then you win.

    Mahatma Gandhi

    Reply

  6. and throughout Chris Christie’s Administration the Alternate Benefit Program’s contribution rates remained untouched—-8 percent paid by the state and 5 percent paid by the employee.

    Reply

  7. In order to improve the funding level of the System the 2011 legislation increased the retirement age and employee contribution rates and imposed a schedule of taxpayer contributions over 7 years.

    The New Jersey Supreme Court says the first two funding methods are constitutional but the imposition of a seven year contribution schedule on the taxpayer is unconstitutional.

    THE SUPREME COURT OF THE UNITED STATES SHOULD REVIEW THIS RULING

    Reply

    • Posted by BH on June 11, 2015 at 3:25 pm

      They will….. Troopers already filed

      Reply

      • Any link to that filing?

        Reply

          • Posted by S Moderation Douglas on June 11, 2015 at 4:14 pm

            Who is Mulshine and what ever became of reading comprehension?

            From way out here in California, I understood the court to say the the workers and retirees ARE legally entitled to their pension, even if the state needs to go to pay as you go. That contract is still valid.

            The contract requiring to pre fund the pensions is the one they negated. You needs to pay eventually, but you don’t needs to pre-fund RIGHT NOW.

            Of course, both contracts are useless if you don’t have the cash, and never will.

          • Posted by Tough Love on June 11, 2015 at 11:13 pm

            Your last sentence hit the nail on the head.

          • Posted by S Moderation Douglas on June 12, 2015 at 1:02 am

            It’s like we’re brothers.

            I agree with Justice LaVecchia :

            “The individual members of the public pension systems, by their public service, earned this delayed part of their compensation. That those men and women must be paid their pension benefits when due is not in question in this matter.”

            “morally their (plaintiffs) argument is unassailable”

          • Posted by Tough Love on June 12, 2015 at 1:19 am

            S Moderation Douglas,

            I also agree with Justice LaVecchia …… where in his overall conclusion to the Union lawsuit he stated:

            “HELD: Chapter 78 does not create a legally enforceable contract that is entitled to constitutional protection. The Debt Limitation Clause of the State Constitution interdicts the creation, in this manner, of a legally binding enforceable contract compelling multi-year financial payments in the sizable amounts called for by the statute.”

  8. Posted by Eric on June 11, 2015 at 9:03 pm

    S Moderation Douglas:
    Kind of similar to what you had said on a previous post: I am feeling fine as I jumped off of the Empire State Building and just past the whatever floor….
    As John has said, the numbers are becoming staggering. The U.S. Supreme Court, even if it were to hear the case, would not provide relief. The bondholders and the bankers rule, not the public workers. There is no more representation of individuals by this government. Jimmy Carter has spoken about it regardless if he were an effective President. He is extremely intelligent, unlike the clown show in progress.
    If Wall Street needed the money, it would have been provided already. Tenfold.
    Wall Street is Washington’s boss.
    Eric

    Reply

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