No Sanders New Jersey Pension Fix

The presidential election circus hits New Jersey for a week and naturally the questions here turn to the pension debacle:
.

.

Yes the Sanders people recognize the problem (though they understate the severity) but what also is recognizable is that they have no clue as to a fix.

  1. Of course the state (or the participants for that matter) did not make anywhere near the contributions necessary to adequately fund promised benefits but does that mean taxpayers (and participants) now and in the future have to make up that full $180 billion and start upping contributions going forward by an additional $7 billion?
  2. Of course hedge fund managers took $720 million in fees but if you want them to stop taking that money are you also going to forgo the $5 billion in earnings they make (on paper) for the system?
  3. Are benefit cuts on that table?
 Is all that too much to ask?

13 responses to this post.

  1. Posted by dentss dunnigan on June 2, 2016 at 1:15 pm

    At this point nobody wants to admit how to fix it even though it’s staring them in the face …3 very good points contributions ? the state will never be close to making up for past misses ,hedge funds contributed a good gain to the fund even though they took a nice fee .Benefit cuts ,well yes that too will happen the sooner the better for the funds sake

    Reply

  2. Posted by skip3house on June 2, 2016 at 1:43 pm

    d dunn Perfect logic. No more need be said.

    Reply

  3. Posted by Anonymous on June 2, 2016 at 4:12 pm

    Impeach the incompetent do nothing at the top!!!

    Reply

    • Posted by Now Retired Pat on June 2, 2016 at 10:02 pm

      Raise the gas tax 7 cents per gallon. dedicate $.05 to highway transportation and the other $02 to the pension fund. problem solved..

      Reply

      • thanks for your two cents but the math does not add up. How much gas do you think is sold in NJ each year? Two cents per gallon would pay off a $180 billion long after the resulting greenhouse gases turn Earth into a fiery hell like Venus.

        While there is a chance of lowering outlays in the future, the retired state workers who would pay for the recklessness of Christie Whitman and her successors are going to suffer unfairly that way. Those who enjoyed tax cuts — disproportionately at the top of the income scale — are the ones who should pay.

        When Republicans lowered taxes and stopped investing in America’s future (for pension and other deferred benefits, for education, for roads and bridges, etc) it was fairly obvious to those who were paying attention that they were trying to destroy the middle class. Now it is time for everyone to get smart & elect leaders who will correct the problem — which means making corporations and the rich pay the share required to set things right again.

        That is going to be expensive, but freedom and prosperity with security and justice are worth the price. Somalia is a place without government. Pay now or pay more later.

        Reply

        • Posted by skip3house on June 3, 2016 at 11:36 am

          J.D. Good so far as my sensibility is concerned. Was about to Twitter on Debt growth since Reagan took personally he was not wealthy due to taxes on high income that Ike knew necessary, Clinton with NAFTA and allowing banks, investments to join, then ‘W’ wars and lowered income tax on wealth even more.
          Running danger of trivial observation of NJ Tax Systems being accepted as measure of ‘Regressive and pass debt to future’ as achievements, not the failures they are.

          Reply

  4. Bernie’s wife put the college she was in charge of out of business.

    Bernie never really had a job.

    Bernie was always a poor slob.

    Now we listen to Bernie. A socialist?

    Clintons’ son-in-law a Hedge Fund operator.

    Who and why donates to Clinton Foundation? Why foreign countries contributing?

    Reply

  5. Posted by George on June 4, 2016 at 3:42 pm

    Wasn’t there a legal theory that changes to the NJ pension scheme that created a liability needed to be passed via a ballot measure othetwise they can be voided?

    In PR:

    Report questions whether Puerto Rico debt issued illegally
    http://wsvn.com/news/us-world/report-questions-whether-puerto-rico-debt-issued-illegally/

    Reply

  6. Posted by Anonymous on June 5, 2016 at 1:58 pm

    Doesn’t it TRUMP AL L?

    Reply

    • Posted by skip3house on June 5, 2016 at 3:48 pm

      Subject: Interesting Reasons to VOTE for Trump!!

      Good reasons to vote for Trump:

      • Obama is against Trump

      • The Media is against Trump

      • The establishment Democrats are against Trump

      • The establishment Republicans are against Trump

      • The UN is against Trump

      • The EU is against Trump

      • China is against Trump

      • Mexico is against Trump

      • Soros is against Trump

      • Black Lives Matter is against Trump

      •MoveOn.Org is against Trump

      • Koch Bro’s are against Trump

      • Hateful, racist, violent Liberals are against Trump

      Bonus points:

      • Cher says she will leave the country if Trump becomes President

      • Mylie Cyrus says she will leave the country if Trump becomes President

      • Whoopi says she will leave the country if Trump becomes President

      • Rosie says she will leave the country if Trump becomes President

      • Al Sharpton says he will leave the country if Trump becomes President

      • Gov. Brown says California will build a wall if Trump becomes President

      Sounds like the kinda president the U.S.A. Needs!

      GO DONALD!

      Reply

  7. Posted by Eric on June 5, 2016 at 5:31 pm

    skip3house:
    However, there is one prevailing reason, not to vote for Trump, that eclipses all that you have written.
    Trump supports cc.
    Checkmate.
    Eric

    Reply

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