Arrogance of the Conveniently Innumerate

This morning John Stossel had an interesting piece centering on New Jersey Governor Chris Christie bailing out Atlantic City after promising to “reform” and “rebuild” the city “without government money.” Stossel portrayed Christie as another traitorous politician though I suspect that when Christie made that ‘promise’ he believed it – even if it was primarily because he believed his advisers and he was too dumb (or conveniently disinclined) to understand the real situation.

So it is with another piece that came out this morning by New Jersey Senate president Stephen Sweeney again pimping for an otiose constitutional amendment on public pensions with the same series of fallacious arguments debunked here previously though he added one wrinkle:

Senate Republicans recently laid out a seven-year budget showing that New Jersey could ramp up to full funding of the pension system within projected 3.34 percent revenue growth — without raising any taxes and without cutting any services.

If additional revenue is needed to reach full funding by 2022, we can raise it solely by increasing income taxes on those making more than $1 million.

The questions an intelligent objective reader might have:

Where would 3.34 percent revenue growth come from if not higher taxes, in one incarnation or another? Maybe there would be no increase in a tax rate but doesn’t someone need to pay more in taxes to grow government revenue?

69 responses to this post.

  1. Posted by skip3house on February 3, 2016 at 12:21 pm

    Mr Bury
    Your ‘innumerate and mindless’ combo recently has become my favorite description of NJ Legislation efforts. Regards

    Reply

  2. Posted by Anonymous on February 3, 2016 at 12:59 pm

    The increased revenue to correct the pension gap without raising taxes will come from rolling back all the increased fees instituted by CC from day one.

    Reply

    • Posted by Tough Love on February 3, 2016 at 2:51 pm

      Is that Public Sector math …… INCREASED revenue via ROLLING-BACK fees ?

      Reply

      • Posted by Anonymous on February 3, 2016 at 2:58 pm

        No, instead of raising taxes to support the budget, CC raised fees and licences, which can be viewed as an indirect tax, so now that pension payments could be a constitutionally guaranteed obligation, wise legislator who still resist raising taxes undue what there leader did, no tax increase. Call it whatever you want the bottom line is revenue raising.

        Reply

        • Posted by Tough Love on February 3, 2016 at 3:07 pm

          ???

          Reply

          • Posted by Anonymous on February 3, 2016 at 3:25 pm

            TL you do know how the State of NJ realizes revenue in many other ways than income and sales taxes. What is your confusion?

          • Posted by Tough Love on February 3, 2016 at 3:39 pm

            Anon, You comment time-stamped … February 3, 2016 at 2:58 pm …. makes no sense, particularly this part ….

            “……..so now that pension payments could be a constitutionally guaranteed obligation, wise legislator who still resist raising taxes undue what there leader did, no tax increase.”

            Where is the money for the “constitutionally guaranteed (pension-payment) obligation” to come from ?

          • This is the main problem with the public sector. When they think of “budgets” it is only what level of expenditure they can glom onto from their crooked legislator friends.

            Since none of them have ever had to actually create any revenue (for example by doing excellent work for paying customers), they have no clue what to do when a shortfall in extorted tax revenue manifests itself.

          • Posted by Anonymous on February 3, 2016 at 5:59 pm

            The State of NJ, school boards, municipal and county governments are employers, public workers are employees. For decades government employers provided pension benefits through what is a collective trust. The trust employer payment wasn’t or reduced so there is a deficit, the employees presently have a Constitutional right to their retirement benefits. The Republican state legislators followed their leader to this pension cliff after the “reform” renege by CC. The Republicans know a Constitutional amendment to insure payment by the State would create a political nightmare, so now they offer a solution that they feel all address the pension shortfalls. The payments to the retirees would come from the yearly budget if the payments aren’t made. The legislature rollback fees and licence increases, using the money to make pension payments. TL this matter is covered in the State Constitution, labor agreements, state laws etc. Write your Republican contacts for specifics.

          • Posted by dentss dunnigan on February 3, 2016 at 6:25 pm

            The whole game has changed with very low rates ,you can’t have a actuary put out a yearly of 7.65 % for the fund when the interest rates are zero now and in the foreseeable future ,just ask any senior who used to pay her property taxes and have some extra money left over for food ….now she has zilch,just watch what happens to pension funds ….http://pensionpulse.blogspot.com/2016/02/ultra-low-rates-for-years.html

          • Posted by Tough Love on February 3, 2016 at 7:33 pm

            Anon, You never fail to amaze me.

            Somehow you seem to actually BELIEVE (quoting you below) that ROLLING BACK (i.e., reducing) fees and licenses INCREASES the money available to make pension payments. Ah……. the magic of PUBLIC Sector “math” !
            ———————————————————————————-
            “The legislature rollback fees and licence increases, using the money to make pension payments. “

          • Posted by Sean on February 4, 2016 at 12:28 am

            TL: “Somehow you seem to actually BELIEVE (quoting you below) that ROLLING BACK (i.e., reducing) fees and licenses INCREASES the money available to make pension payments.”

            I was wondering the same thing, but…MAYBE it’s an honest difference of terms:

            Perhaps by ROLLBACK, Anonymous means it as in GO BACK, as in start charging those fees again? That’s all I can think of. Typically, when someone speaks of something like a tax rollback, they mean they are going to suspend, eliminate, or reduce the said tax. Just my guess that maybe he was saying they will “go back to” charging those fees in order to raise money, which is fine, unless…those fees are currently being charged.

            Hey, there’s always interesting math with politicians. Chicago Public Schools used FOURTEEN months of projected revenue to “balance” a twelve month budget.

          • Posted by Tough Love on February 4, 2016 at 9:30 am

            Sean, I went back to Anon’s earlier comments to see if your suggested explanation was the answer. It doesn’t seem so because in 2 earlier comments above, Anon said:

            (1) “The increased revenue to correct the pension gap without raising taxes will come from rolling back all the increased fees instituted by CC from day one”, and

            (2) “No, instead of raising taxes to support the budget, CC raised fees and licenses, which can be viewed as an indirect tax, so now that pension payments could be a constitutionally guaranteed obligation, wise legislator who still resist raising taxes undue what there leader did, no tax increase. ”

            Since in (2) Anon said that CC ……. “raised fees and licenses”……… and in (1) Anon calls for …… “rolling back all the increased fees” ….., it certainly seems that Anon did mean REDUCING when saying “ROLLING BACK”, and in his mind REDUCING such fees/licensees INCREASES revenue.

            Gotta love that PUBLIC Sector “math”.

          • Posted by Anonymous on February 4, 2016 at 11:49 am

            Sean and TL sorry about the word mix up, CC raises revenue in NJ by increasing fees and the price of licenses. The monies from these increases and future increases under the Republican legislators proposals would be applied to correct the pension shortfall, since raising taxes isn’t an option. I see you two geniuses are strengthening your collaboration beyond 2-3 am, good for you!!!!

          • Posted by Tough Love on February 4, 2016 at 1:47 pm

            Anon,

            Wrong “word mix up” my foot….. and nice “U-Turn” in your comment’s meaning. Just shows that you simply don’t know what you’re talking about.

          • Posted by Sean on February 4, 2016 at 2:55 pm

            Well, there is ONE redeeming quality to his comments…

            His vintage personal attacks are just priceless, and they have provided me and my co workers a ton of laughs. So, at least that’s something…

    • Posted by Anonymous on February 3, 2016 at 6:57 pm

      Rolling forward with new increases in fees and licences, indirect tax that impacts everyone.

      Reply

      • Posted by Anonymous on February 4, 2016 at 2:36 pm

        Yes, I do, other than ranting about “greedy public employees and corrupt elected officials/unions” you never offer any workable solutions. You know her little about NJ public pensions, collective bargaining agreement processes, employment/labor law and the public ethics code. Your comment supports the absence of knowledge necessary to offer valid solutions. You stay in the shadows serving as the pension witch/grim reaper apprentice.

        Reply

        • Posted by Tough Love on February 4, 2016 at 4:11 pm

          Quoting Anon …… “Your comment supports the absence of knowledge necessary to offer valid solutions.”

          Besides the obvious greed and unwillingness of the Public Sector workers to give up their HUGE current compensation “advantage” over their Private Sector counterparts, the “difficulties” in finding workable “solutions” exist because those BENEFITING from the current structure ….. the Elected Officials (as well as Public Sector workers) have erected strong legal protections making it very difficult to implement corrective reduction …… protections from even FUTURE Service pension reductions that DO NOT EXIST in PRIVATE Sector pension Plans.

          But not to worry …. the “math” ALWAYS governs in the end-game…… and that (pension & retiree healthcare) END is but a few years away.

          Reply

          • Posted by Sean on February 4, 2016 at 5:13 pm

            Yep. And like the saying goes: “We can do this the hard way, or the easy way.” Also, IRONY always seems to play a prominent part at the end of a bubble. To me, the irony of this bubble will be the fact that, if they were willing to admit to and own up to the fact that the money WILL run out, THEY would be the ones RUNNING, not walking, to induce their own cuts, reductions, and revisions, and maybe have a chance to save their pensions for all. Instead, they will double down, dig their heels in, and count on the law to create the money. Except, words on paper don’t have a very good record of making money appear out of thin air.

          • Posted by Anonymous on February 4, 2016 at 7:16 pm

            Elected officials are paid employees entitled to benefits which includes retirement benefits. Since the NJ legislation governing pension was completely readopted in Nov. 2015, who outside the audience in your minds is approaching the legislature to change the laws and why would they.

          • Posted by Sean on February 4, 2016 at 7:39 pm

            They really don’t need to change anything. Just let the plans run out of money…for EVERYONE ELSE. They will find a way to get to their own lifeboats, even if that means those who are not in the “inner circle” are left to go down with the ship.

        • Posted by PSDrone on February 4, 2016 at 7:43 pm

          Workable solution: Max pension (single, double or triple dippers included) $60,000. No benefits payable before age 66. No COLA. Medicare only. There you have it. You and your union cronies need to start implementing this workable solution immediately and maybe you will actually get a pension.

          Reply

          • Posted by Tough Love on February 4, 2016 at 9:15 pm

            Actually, your proposal is NOT “workable” without ALSO materially reducing the pension accrual rate.

            You suggest simply capping the pension at $60K, and not being able to start collecting it until age 66. Without materially reducing the pension accrual rate, MANY workers would reach the $60K cap in their 30s and 40s …. and the quit (with a locked-in deferred pension), then go to work for another Gov’t employer (say a County under a different pension system) and earn a SECOND pension.

            The Pension FORMULA (as well as the full/unreduced retirement age) must be materially reduced.

          • Agreed; still need 30 (LEO and Firewhiners) or 35 (remainder) years of service to accrue full pension. Pro rata downsizing of benefits with $60K the penultimate annual payout.

          • Posted by Anonymous on February 5, 2016 at 2:24 am

            The legislation governing NJ Pensions has been readopted until 2022. Do you realize presently and in the future the number of people who qualify for $60,000 pensions? No real cost savings.

          • Posted by Tough Love on February 5, 2016 at 2:36 am

            Yes Anon, many DO realize it. Most full career police NOW retire with pensionable compensation over $150K (averaging in all ranks), and with 30 years service, the STARTING pension is 70% x $150K x= $105K. And God help us if the COLAs are reinstated.

            Yeah that’s quite a bit greater than $60K isn’t it?

            And why the hell are we paying ANY of them $150+K in wages alone ?

      • Posted by MJ on February 5, 2016 at 9:58 am

        …and we will see how many private professionals, businesses and companies take their money elsewhere or just don’t bother to renew…….you can only tax directly and indirectly up to a point where people say f$ck it and find other ways to avoid more taxes

        Reply

  3. Posted by Anonymous on February 3, 2016 at 3:32 pm

    TL you do understand that the State of NJ realizes revenue from sources other than income and sales taxes. Raising fees and the cost of licenses is a revenue source.

    Reply

  4. Posted by dentss dunnigan on February 3, 2016 at 4:34 pm

    Yes the state will be raising dog license fees to $5,000. a year ..pensions funded .

    Reply

  5. Posted by MJ on February 3, 2016 at 6:43 pm

    The shelters will be overrun by cats and dogs! I think this article is another example of the desperation to keep the ship from sinking! What morons any wonder there are so many problems with the pension scam.

    Reply

    • Posted by Sean on February 3, 2016 at 10:03 pm

      Speaking of sinking ships, just in from Titanic Jr., aka Chicago Public Schools:

      “Civic Federation President Laurence Msall said CPS CEO Forrest Claypool will have no choice but to wield the budget ax yet again.

      The $100 million in cuts came after the Chicago Teachers Union’s 40-person bargaining unit unanimously REJECTED a new four-year contract that would have given teachers small annual pay raises, frozen the number of charter schools and RULED OUT LAYOFFS in EXCHANGE for teachers picking up their full, 9 percent pension payments.”

      Seems like asking teachers to pay 9% (instead of 2% and TAXPAYERS paying the other 7%) is just asking too much. Two things:

      1. These are the same babies that will cry for sympathy with the whole “we faithfully paid in our FAIR share” when there pension fund runs out of money.

      2. Notice how they would PREFER LAYOFFS to paying in a little bit to their pensions. Why? Because union protections insure the layoffs will happen to the newer teachers. But unions are always looking out for their members, right? “We’re all equal, comrades. It’s just that some of us are more equal than others.” Gotta love them unions.

      I’d say, “Only in Illinois” but…

      Another gem:

      ““Borrowing money was never a decision that we took lightly and though some wanted our efforts to fail, CPS needed to move forward in order to keep our doors open so we could EDUCATE OUR CHILDREN,” Ron DeNard, the district’s senior vice president for finance, said in a statement.”

      See, as long as you always say, “It’s for the children, people will understand.

      Now, that sounds SO responsible and politically correct, doesn’t it? Way better than speaking the truth: “We’re like desperate crack whores begging for money, borrowing money to pay for the other borrowed money, because, well, we just can’t help ourselves.”

      http://chicago.suntimes.com/news/7/71/1300539/cps-borrows-725-million-huge-cost

      Reply

      • Posted by MJ on February 4, 2016 at 9:09 am

        I thought I read that borrowing the money for CPS was not an option at this time because no one would lend them money not even for muni bonds. I guess it it really is becoming too risky……….especially when it seems the bond holders will get screwed when push comes to shove

        Reply

        • Posted by Sean on February 4, 2016 at 1:36 pm

          Well, 8.5% yield is VERY tempting, and there’s always someone who will buy it…for now. Of course, there’s that whole “high reward also comes with high risk” thing, but…

          Hey, here’s an idea: Why don’t the New Jersey pension funds invest in CPS bonds and earn 8.5% yield?!! Yes! I think I am onto something. New Jersey can pump ALL its investment capital into Chicago bonds and earn the money they need to gain a little ground on those unfunded liabilities! In return, Chicago will get desperately needed funds. People helping people! Union brothers, helping each other out. Why not? Pension funds are going to be under increased pressure to make high returns in an extremely low-yield environment anyway, so why not take a chance? You know Chicago is good for it, right?

          Reply

          • Posted by dentss dunnigan on February 4, 2016 at 1:57 pm

            Anything under 10% is a steal for Chicago because as sure as the sun rises in the East ,they will default .

          • Posted by Sean on February 4, 2016 at 3:05 pm

            Come on, dents, don’t be so pessimistic. You know it always works out in the end. The markets will keep going up, forever, housing prices will keep going up, forever, and taxpayers are always ready, willing, and able to pay more. Plus, we have a constitutional guarantee that our promises can never be diminished or impaired. What could possibly go wrong?

          • Posted by Tough Love on February 4, 2016 at 4:19 pm

            I can’t see ANYONE buying Chicago Bonds without the Bonds being insured …. and as far as I know, no Bond insurers will insure them (way too risky).

            And given the financial rape of the Bondholders/insures in the recent CA & Detroit bankruptcies, getting such insurance is likely to get MORE (rather than LESS) difficult.

          • Posted by Sean on February 4, 2016 at 5:37 pm

            Right. When I saw them decide to pay Templeton 1%, but make their entire pension payment, I thought, “Good job! Once again taking the path of least resistance. Don’t face the bully, just screw everyone else. Well, that will work in the short run, but how is that going to play out the next time you will need to borrow money?” And they WILL need to borrow more money. Oh well…

          • Posted by dentss dunnigan on February 4, 2016 at 6:04 pm

            They are bought by institutions strip the coupons and then sell the as zero coupon to another hedge for a tax loss .,this can be done in the zero interest ,soon to be negative rate environment we now have ……and the game continues

  6. Posted by Sean on February 4, 2016 at 8:46 pm

    Here’s an entry that pretty well summarizes the Chicago debacle. (Soon to be playing in a theater near you)

    CJ
    said:

    February 3, 2016 at 8:03 PM

    Chi-town did not go bankrupt overnight, it has been going down that road for decades. Anyone who could do simple math could see it coming, but the pols and the beneficiaries preferred to just ignore it. Now those old corrupt politicians are gone and the new pols today have to figure out how they are going to deal with it. Since they cannot face reality (the unions that run Chicago forbid it), they have to rely on fantasies. Good luck, chumps. 2 minus 4 is still negative; math is math.

    The article itself is good (Mish’s blog)

    Chicago on Brink of Bond Market Shutoff: Tax-Exempt Yield Hits Stunning 8.50%

    http://mishtalk.com/2016/02/04/chicago-on-brink-of-bond-market-shutof/

    Reply

  7. Posted by Javagold on February 5, 2016 at 12:25 am

    Paper covering up paper covering up more paper promises. If you can’t hold it. You Don’t own it. Coming to a public takers meeting with reality one day very soon.

    Reply

  8. Posted by Anonymous on February 5, 2016 at 12:43 am

    All of this Chi-town drama has what exactly to do with the pension shortfall here in the Soprano state? Don’t be fooled by CC’ s bullying he’s more a schoolyard bully than a gangster, it’s the suit, girth and tone that causes confusion.

    Reply

    • Posted by Tough Love on February 5, 2016 at 1:32 am

      Excuse me, but it’s the Public Sector Unions & their BOUGHT-OFF Legislators that are doing the bullying.

      Christie is trying to STOP this bullying and the huge THEFT being perpetrated upon NJ’s Taxpayers …. by FREEZING their grossly excessive DB pension and materially lowering their “platinum+” healthcare.

      Reply

      • Posted by Anonymous on February 5, 2016 at 2:28 am

        Collective bargaining, labor agreement, constitutional amendment, employment and labor laws and the state ethics code refutes your foolish rants.

        Reply

      • Posted by Anonymous on February 5, 2016 at 2:34 am

        Where did you get information Christie froze NJ pensions?

        Reply

      • Posted by Anonymous on February 5, 2016 at 2:44 am

        Silly you TL the NJ legislation governing pensions was readopted Nov. 2015 it remains in effect until 2022, please share the signed legislation/executive order that Christie signed/issued to freeze defined benefit pensions. TL you channeling CC, their isn’t any documentation to support your statement, therefore it is false.

        Reply

        • Posted by Tough Love on February 5, 2016 at 3:34 am

          Do you know how to READ and comprehend what is being read ?

          Below quotes exactly what I stated above …… do you not see the word “trying” ?

          “Christie is trying to STOP this bullying and the huge THEFT being perpetrated upon NJ’s Taxpayers …. by FREEZING their grossly excessive DB pension and materially lowering their “platinum+” healthcare.”

          Reply

    • Posted by Sean on February 5, 2016 at 1:45 am

      Bullies crying and whining about being “bullied.” Love it. That’s the main thing about bullies, they can always dish it out, but cry like stuck pigs (pun intended) when someone gets in their face. It’s really quite fun to watch, actually.

      Being from Illinois, obviously I have no affiliation with Christie or anyone else for that matter, but I am curious about one thing: Of the past four or five governors, which one of them was responsible for the most money being deposited into the pension funds for public workers? Was it Jon “I don’t know where 1.2 BILLION dollars worth of customer money disappeared from our hedge fund, but I’m really sorry” Corzine?

      Just curious.

      Reply

  9. Posted by Anonymous on February 5, 2016 at 2:16 am

    ” All public employees are nothing but tax leeches. Every single one of them. They are paid with taxes, and the government merely keeps a portion of what they give to the tax leeches. Even in a partially funded pension, the money is derived from taxes. The public employee is a modern form of noble.
    They even get reserved parking. The taxpayer must find a meter or a garage to pay and walk. Not the nobles… This crap really has to stop.”

    Parkerchandler
    ________________________________
    Says you. I’m retired from the state and I STILL get free parking. Them’s the bennies.

    Reply

    • Posted by Tough Love on February 5, 2016 at 2:27 am

      Yup ….By the thieves, FOR the thieves.

      Reply

      • Posted by Anonymous on February 5, 2016 at 2:43 am

        Yup, yup….LOL

        Sarchasm

        Reply

      • but no honor among thieves

        Reply

        • Posted by Sean on February 5, 2016 at 11:35 am

          In the end, none of this matters. Why? Because this is a bubble. ALL bubbles burst. No exceptions. Greed and arrogance never go unpunished. Ever. No exceptions. Public sector unions have used and abused a system set up by them, for them, and with zero regard to those paying for it…for now. But the last laugh will be on them, as all things, sooner or later, must be realigned with reality.

          Every beneficiary of every bubble feels invincible on the way up, to the point of an arrogant disregard for what’s going on beneath the surface. They almost never see it coming. Cracks start to form, little by little. They are ignored. Pressures begin to mount; those too, are ignored. Even after blatant warning signs are flashing in their faces, the bubble recipient chooses to ignore it, blindly holding onto the mantra that ALL bubble recipients live by: “It’s different this time. Our situation is different because (fill in the blank).”

          Remember Enron? Many employees put all of their money in its stock. Warning after warning came their way, to no avail. “Our situation is different. Enron is a progressive company like no other in the world. Our finances are very complex (read: corrupt and full of lies), so our balance sheet isn’t as simple as other companies.” Mathematics is the ultimate force, and no amount of finessing will change its demands.

          Publics will say, “Yeah, but our situation is different. We are guaranteed, by law, to receive these gifts.” No. You are PROMISED these gifts. Big difference. Ticket holders on the Titanic were promised safe passage to New York, not guaranteed. The ship was so safe, its builder famously said, “Even God cannot sink it.” (“Our situation is different.”)

          Having “laws” that promise you something simply means that it can stall the inevitable a little longer than normal, but it will still ultimately fail to stand up to the laws of math. When this is all over, everyone will see that this bubble followed the exact same patterns as every other bubble did. There are no exceptions.

          Reply

          • Posted by Tough Love on February 5, 2016 at 12:08 pm

            Poor Anon, who keeps repeating (as though meaningful when the Plans run out of assets) ……

            “The legislation governing NJ Pensions has been readopted until 2022. “

          • Posted by Anonymous on February 5, 2016 at 1:05 pm

            Sean are you drinking bottled water from Flint, the NJ pension matter will be fixed. You seem to like predicting, spell casting while pulling your reaper you might consider part-time work as a warlock, why waste such gifts on NJ public employees.

          • Posted by Sean on February 5, 2016 at 1:54 pm

            Right TL. And “readopting legislation” has added HOW MUCH to the pension funds? That’s the question they never seem to get around to asking.

            The blatant refusal to face reality does not change that reality.

          • Posted by Sean on February 5, 2016 at 1:59 pm

            “Sean are you drinking bottled water from Flint, the NJ pension matter will be fixed.”

            Oh, you better believe the pension matter is going to get fixed.

            You just aren’t going to like HOW it gets fixed, Amigo.

          • Posted by Anonymous on February 5, 2016 at 2:38 pm

            Governor CC already stated how much he will pay into the NJ Pension for 2016, move on Sean share your prophesies somewhere else, by the way would a bucket of water have the same effect on a deadlock or director house dropping from the sky work better.

          • Posted by Sean on February 5, 2016 at 3:03 pm

            For all of us who are tired of hearing the public sector’s song and dance as to why pensions are so badly underfunded (you know, the whole “politicians stole the money” etc), here is a very detailed chronology of the large scale theft from taxpayers in Illinois.

            Very interesting article, especially about 2/3rds down the page when they talk about the town of Oak Brook, which at one time had funding levels at 113%, BEFORE the manipulation started happening at warp speed. They also have the second strongest balance sheet of any municipality, so it wasn’t recklessness or mismanagement. It was simply the effects of all the theft embedded into the laws of the land.

            Members of the Goon Squad will probably want to skip this article, as there are far too many inconvenient truths contained within it, along with too many two and three syllable words, thus overloading their comprehension.

            http://www.dcba.org/page/vol280216art1

          • After reading the article Sean posted (and throwing up at the multi-decade audacity of the IL Police and Fire Whiners) I can only repeat my view that what these “life risking public servants” have perpetrated on the taxpaying private sector is nothing less than grand larceny. It is truly a shame what our elected representatives have legislated in the interest of keeping their foul sinecures. Term limits cannot come soon enough.

          • Posted by Sean on February 5, 2016 at 11:02 pm

            You’re right, Drone. We all try to be reasonable and diplomatic, but when you read stuff like that article, you can only conclude that it is nothing short of theft, on a huge scale, all made “legal” for the sake of buying votes.

            I listened to the Treasurer of Rhode Island talking about how the feds put up billions to bail out the banks (you know how publics love to look at Wall Street as the most villainous), and she said the unfunded liabilities of public pensions dwarfs those bailouts.

            History will show, beyond any doubt, that the bottom line to the whole thing is this: Whenever any entity has the power to “negotiate” their own compensation with people who are not responsible for paying for it…BAD things happen.

            What was written about in the article on Illinois has happened in virtually every state. As the article illustrated, the unions systematically ratcheted up their benefits, over and over, and over again, then locked them up with air tight legislation. It is simply criminal, what they have done, and no amount of whitewash is going to brush over it.

            The good news, for us anyway, is that the laws of nature trump any man made schemes, every time. There is simply no money to pay for it, plain and simple. They will have the changes forced upon them, for a change.

          • Posted by Tough Love on February 5, 2016 at 11:28 pm

            Sean, Interesting linked story.

            A copy should be mailed to every NJ resident in the days before they get to vote on a Constitutional change to guarantee NJ Public Sector pension funding …. thereby making pension funding a HIGHER priority than just about EVERYTHING else (education, welfare, health service, aid to the elderly & infirm, infrastructure maintenance, necessary Capital improvements, current municipal/city/county/State salaries, etc).

  10. Posted by Anonymous on February 5, 2016 at 3:43 pm

    “does throwing water on a warlock” or is a house dropping from the sky more effective?” Move on Sean you have no power here.

    Reply

  11. Posted by Now retired Pat on February 6, 2016 at 10:05 am

    I vote for taxing illegal immigrants and make Mexico PAY FOR IT!

    Reply

    • Posted by Sean on February 6, 2016 at 12:47 pm

      I know, right?! When it gets right down to it, it’s all about buying votes. Illegals do vote, and so do their families. Republicans scream about it, and they are right, but you know damn well, that if illegals voted republican, they would do the same damn thing.

      Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: