Christie’s Pension Contribution Lie Exposed

Donating to Planned Parenthood might top the list (and it’s a long list) but among Chris Christie’s what-should-be-obvious lies-for-votes one of the most pernicious is:
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Counting on nobody doing the math (even himself) this passes for an accomplishment in his mind. But Moody’s did the math.

“Most states made budgetary contributions at or close to their actuarially determined contribution levels,” according to a report released Friday by Moody’s. Thirty-six gave more than 90 percent. Only two — New Jersey and California, at 48.2 percent — fell below 60 percent.

Where did New Jersey fall?

18.6%

The article concludes:

“Several states coping with pension underfunding and outsized liabilities will continue to face significant credit challenges,” Moody’s wrote. The company gives New Jersey a rating of A2, sixth-highest, with a negative outlook, indicating another downgrade is a possibility. Only Illinois has a worse credit rating.

23 responses to this post.

  1. Posted by Anonymous on January 16, 2016 at 10:21 am

    Christie lies blatantly and TL does the same. It a simple fact that desperate people choose to believe them

    Reply

    • Posted by Tough Love on January 16, 2016 at 11:04 am

      Christie was likely calculating the 48.2% as:

      (actual contribution) / (scheduled grade in to full ARC funding)

      rather than:

      (actual contribution) / (full ARC funding)
      —————————————

      YUP, it was dumb to say that and think he could get away with it …. especially when comparisons are made to other States that use the FULL ARC in the denominator.

      Reply

    • Posted by Tough Love on January 16, 2016 at 11:07 am

      Me ? I tell it honestly and truthfully …… you just can’t accept/handle the soon-to-be consequences of that truth.

      Reply

    • Posted by Charles Sainte Claire on January 16, 2016 at 1:20 pm

      Christie is a bald faced liar who kept the promises employees made. And sued to take away his promise to them.

      Does anyone want this sort of person for President?

      Reply

      • Posted by Tough Love on January 16, 2016 at 1:30 pm

        I agree … he is not “President” material, but his DEMAND for VERY material reductions in FUTURE service pensions accruals of all CURRENT workers (preferably a freeze replaced by a MODEST DB or Cash balance Plan comparable to what Private Sector workers typically get from their employers, as recommended by the NJ pension Commission) is necessary, just, and fair to BOTH the workers & taxpayers.

        You’re just insatiably greedy, don’t want to give up the HUGE compensation advantage you now have over comparable Private Sector workers, and have an arrogant taxpayer-be-damned attitude.

        Reply

  2. Posted by Anonymous on January 16, 2016 at 11:07 am

    TL explaining away Christie s lies.

    Reply

  3. Posted by dentss dunnigan on January 16, 2016 at 12:03 pm

    so what dollar figure is that 18.6% …so we can all see how horrifc this really is

    Reply

  4. Posted by Anonymous on January 16, 2016 at 12:13 pm

    Shocking that once again the state is not paying the deferred compensation as required–yet virtually every other state is doing it. 18% is a joke. When will this state get serious? I can’t wait to see where that extra 2 billion they’ll get for auctioning off TV broadband will go. Everywhere but pension is my guess.

    The financial peril that this will place on the state will be enormous. Even if pensioners are forced to take a reduction, it will pale in comparison as to what happens with bonds. Taxes will sky rocket. Pay now or pay later.

    I think the legislators would be wise to tie contingent legislation that reduces pensions for non-vested employees to the referendum. When the state loses the COLA case, it’s really going to hit the fan.

    Reply

    • Posted by Tough Love on January 16, 2016 at 1:46 pm

      When properly factoring in the richer formulas, the MUCH younger full/unreduced retirement ages, and COLA-increases (now suspended in NJ) 50% to 75% of the now grossly excessive promised pensions & benefits would never had been granted if those “negotiating” with the Public Sector Unions had the Taxpayers’ best interests as their primary goal …. as it should be ……. and if our elected officials weren’t so willing to trade their favorable votes on Public Sector pay, pensions, and benefits for Public Sector union campaign contributions and election support.

      Therefore ……….. 50% to 75% of the promised pensions & benefits are NOT “deferred compensation”, but a theft of Taxpayer wealth, and should NOT be honored.
      ——————————————————————————
      And YES …”The financial peril that this will place on the state will be enormous” ….

      (a) the ROOT CAUSE being that Public Sector pensions are simply grossly excessive & affordable and

      (b) because of the insatiable greed of the Public Sector Unions/workers and our self-interested, contribution-soliciting. vote-selling taxpayer-betraying elected officials.
      ———————————————————————————
      NOT … ” Pay now or pay later. ”

      Pay “never”.

      Reply

    • Posted by TP on January 18, 2016 at 5:22 pm

      “Pay now or pay later”

      What if people vote with their feet and leave? Who will pay then? The Democrat’s beloved welfare base?

      At some point there just isn’t enough money. See Puerto Rico. What will you do then?

      Reply

      • Posted by Tough Love on January 18, 2016 at 5:49 pm

        Quoting ….. “At some point there just isn’t enough money.”

        With the recent drop in equity values, NJ’s State & Local Public Sector Plans (if valued PROPERLY …. in the SAME manner that the Gov’t requires of Private Sector Plans) are over $200 BILLION in the hole.

        Bottom line ……… We’re ALREADY there. These Plans are the equivalent of a human in a hospital who is “brain dead” but kept “alive” on a ventilator.

        Reply

  5. […] under a table and heard my sister kill a king. DCCC begins robocalling against Stefanik in NY-21 Christie’s Pension Contribution Lie Exposed The 7 most nauseating lies of the sixth GOP debate Don’t Forget! Evangelicals for Life Conference […]

    Reply

  6. […] Forgone contributions and earnings thereon dwarf what Christie has been grudgingly deposited. […]

    Reply

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