What Is Facing New Jersey in 2017?

Former New Jersey governors Jim Florio (D) and Tom Kean (R) were asked that question on NJTV this weekend and their answers started out with the word ‘catastrophe’. The next words being…..

“the pension system”

.

21 responses to this post.

  1. Posted by skip3house on December 19, 2016 at 3:02 pm

    NJ must change ‘retro’ to defined contributions from abused defined benefits/promises.
    Pensions must be based on total amounts deposited yearly by NJ and workers, plus interest. Promises alone are worth zero, as we have found.

    Medical…as most of us, Medicare and a gap policy, all paid by retiree.

    Reply

    • Posted by Anonymous on December 19, 2016 at 5:44 pm

      SH elaborate on your definition of retro pensionbenefits and clarify Medicare to Obamacare for all after GOP impending mutilation of the current system?

      Reply

    • Posted by skip3house on December 19, 2016 at 7:28 pm

      Good Medicare warning. If Pres. LBJ did only one thing right using his old Senate power, it was getting this plan approved ! Only ‘W’ messed up by not allowing Medicare to bargain for lower Rx…why?
      Medicare, as experienced by all using as intended, is the only good thing to have with advancing age….so I’m told…?
      We oppose any actions to lower its effectiveness or cost controls. The rates paid must be fair, as so many doctors, labs, hospitals accept as 80% of any bills. The Gap plan is a bit costly at 200. to 500. per month, I think. But, this 80% should not be messed with by any politicians especially.
      Same group that said invade Iraq…oops, sorry

      Reply

      • Posted by PS Drone on December 20, 2016 at 6:00 pm

        I consider LBJ to be the worst president in the 20th century because of M&M, Great Society and the Viet Nam debacle. His policies are bankrupting us.

        The advent of Medicare ushered in the whole “medical insurance” racket. If people had to pay out of pocket for non-catastrophic medical care AND the industry was not allowed to fix prices (Google “Usual and Customary Rate”), market forces would enable even the elderly to afford routine medical care. Also, with respect to Medicaid, the government should take care of the medical needs of the indigent in a VA type system, not by forcing hospitals and physicians to provide free or almost free care which in turn forces them to charge the rest of the population the ridiculous prices with which we are all too familiar necessitating the idiotic medical insurance we all have to subscribe to.

        Reply

  2. My 2017 prediction is can-kicking to continue indefinitely, until the next stock-market crash when the NJ pensions and a bunch of other states are either directly taken over by the Fed, or simply handed new money but left under de jure NJ-state-govt mgmt, as some sort of ’emergency’ measure. A crash is the ideal time for this, because other states’ systems (CA, KY, IL, and probably several others) would all wobble simultaneously, so it can be sold as not just a bailout for NJ alone (and KY’s a red state, so it’s not even playing politics!). But the honorable Govs seem to have a different prediction for 2017…Kean: “The pension problem is the worst in the country…we can’t sustain it, we can’t pay it…” (wow)

    Reply

    • Posted by Anonymous on December 20, 2016 at 11:20 am

      Bail-out is not in the cards ,all the people in states that got Trump elected want no part of bailing out irresponsibly democrats who will have their hands out

      Reply

      • ?

        When push comes to shove, the Fed can and does make the rules up as it goes. Just a simple declaration that failing public pension funds are ‘systemically important’ (like the banks were declared not quite a decade ago), and voila: bailout regardless of what the public may think. Hillary promised that “If workers hold up their end of the bargain by contributing their share from each paycheck, there is simply no excuse to shortchange those workers” (https://wikileaks.com/podesta-emails/emailid/38893). She won the popular vote, so the Fed’s fig leaf could be that they’re just humble servants doing the public’s bidding, and it’s really just a minor technical matter anyway (like QE is). Furthermore, Trump’s demographic skews older, so they’re naturally pro-retirement-systems-bailouts. The working stiffs? Most of them never have to even know, because by going through the Fed it doesn’t have to show up either as tax out of their paycheck or as new Federal debt, just a harmless, incremental increase in the money supply. Really it’s win-win all around to pay the big-state pension systems with freshly-printed cash, and the hardworking salt of the earth in Kansas unwittingly doing the paying-in (by devaluing their earnings/savings) will find themselves outmaneuvered with ease by the slick public unions and their cronies. Party on…

        Reply

        • Posted by George on December 20, 2016 at 2:09 pm

          “If workers hold up their end of the bargain by contributing their share from each paycheck, there is simply no excuse to shortchange those workers”

          As they used to say, “that and a token will get you on the subway.”
          1) If blah blah blah then I will blah blah blah. Nuff said
          2) “contributing their share from each paycheck” What exactly is their share?
          3) “no excuse to shortchange those workers” Sounds good but that is not a specific proposal.
          4) What did you think Clinton’s assistant was going to say?

          One possible conspiracy theory is that the Fed is allowing the US$ to rise uncontrollably is it is a set up for a huge pension bailout, which will cause the US$ to collapse to below previous levels. Notice Trump isn’t tweeting about China or anyone else on planet earth manipulating their currency. Creepy isn’t it?

          Reply

          • That quote wasn’t one of Hillary’s flunkies. Follow the link: in the email, it’s attributed as a comment by HRC herself.

      • Posted by Anonymous on December 20, 2016 at 10:38 pm

        Yeah and what about seniors on Obamacare and SS cutbacks – GoingOutParty.

        All that is done can be undone and redone – round and round we go and where we it gets us, well no where of course.

        Reply

  3. Posted by Anonymous on December 20, 2016 at 12:46 pm

    On CNN I watched the Russian ambassador to Turkey get assassinated by an off duty Turkish cop. What happen to the interpreter who was at the podium, where were the security guards. Isn’t Russian air strikes killing innocent civilians in Aleppo? Many Trumputins are anticipating Putin’s response, comparing this to Hillary/Obama’s response to Bengazi, it’s day two, what will the new leader of the GOP Russia do about this attack? Trumputin saber shaking from Florida, in the meantime his business partner with Trump Towers is under arrest because the Turkish President believes said partner helped to orchestrate the recent coup. So as Trumputin continues to inject himself in current affairs what happens to all his properties around the world, American troops paid by us will be enlisted to protect Trumputin properties in many areas of the world.

    Reply

    • Posted by Anonymous on December 20, 2016 at 2:16 pm

      Assuming agreement on Trump/Putin ties, aside from mutually beneficial business dealings, I’d say they have a Panda in their sights.

      Reply

      • Posted by Anonymous on December 20, 2016 at 2:46 pm

        What he should tweet about is the GOP newly announced plans to overhaul Social Security and the impact of Trumputin’s tax plan or lower middle class income tax obligations. Just waiting to see what the Putin backed GOP has in store for pensions and by the way, McConnell’s wife’s appointment as the next Transportation Secretary by Trumputin clouds any moves for a special panel to investigate Valdimirs intervention in the 2016 U.S. election that helped the GOP ( gang of Putin). Such interesting times as we move toward our new reality.

        Reply

        • Posted by George on December 20, 2016 at 6:44 pm

          This might not be a good forum to discuss nonpension issues.

          Reply

          • Posted by Anonymous on December 20, 2016 at 7:39 pm

            Since the discussion is public pensions, actions by every level of government has the potential to impact revenue which is used to support pension payments. If the GOP is Russian leaning then maybe Trumputin might not favor public pensions or other entitlement programs.

          • Posted by Anonymous on December 20, 2016 at 9:05 pm

            Then the KGB can block their IP address…..

    • Posted by Anonymous on December 21, 2016 at 8:40 am

      well yeah …we’re losing higher income workers and gaining lower income workers and our sanctuary cities are busting at the seams ….Wait till Trump chops State and local taxes deductions as he has proposed …to offset this cut standard deductions will go up

      Reply

      • Posted by Anonymous on December 21, 2016 at 2:16 pm

        Oh you mean his tax cuts that’ll will benefit the top 1-2 ℅ on the backs of the rest of us! I guess his billionaire cabinet pick from Weehawken didn’t get your memo about leaving NJ?

        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: