Warning for Next Governor


.
Consider the record:

At least it wasn’t diet (or ethics) advice that Christie was dispensing since he did alight on one valid point:

“I wanted to come here tonight to sound a warning to all of you,” he said. “Everyone understand that this progress can be reversed very, very quickly.”

Speaking to reporters afterward, Christie again wouldn’t give specific names, other than to say that there were examples on both sides, but it was “more stark” on the Democratic side.

“You have one candidate that’s saying ‘I’m going to make the full pension payment.’ Well I’d like to know where he’s getting $6 billion from,” Christie told reporters in a veiled reference to Murphy. “There’s no chance. You can’t raise enough taxes to do that.”

It’s that last paragraph that contains the grain of truth.  Six billion dollars is impossible to extort (especially when what you really need to be putting in is $12 billion) from the most burdened taxpayers in the nation.  Yet all we get now and on the horizon is the same claptrap:
.

.

.

.

.

15 responses to this post.

  1. I wonder what would happen if a candidiate just told the truth or the closest thing to it and made significant reforms…whatever that might look like. I find it so very hard to believe that these public workers are so out of touch with reality that they can’t understand that the promises can’t be kept at current levels.. SMH

    Reply

  2. Posted by truesally on February 20, 2017 at 7:48 am

    The only one that has a pretty good idea is Ciattarelli , however I would question how Abbotts dist would fund their teachers pensions…or would that be on the backs of the suburbs again …? Overall after I read and watch this it’s more like a infomercial on why the state will continue to lose the middle-class and people with any common sense

    Reply

  3. Posted by Anonymous on February 20, 2017 at 12:10 pm

    A combination of Jack’s plan with a dash of Brennan’s SS diversion plan could make some significant headway. But what’s the chances the Feds will approve the SS diversion?

    Reply

  4. Posted by Seesaw Junior on February 20, 2017 at 5:57 pm

    John Bury should run for Governor of NJ….or at the very least whoever IS Governor, now and in the future, should PAY him BIG $$$$ to fix the pension system. May I suggest MY plan?? I would suggest cutting ALL salaries over $60K by 25% and taking that 25% and funneling it directly into he pension system. I would allow raises, but I wold not allow the raises to go into take home pay until the pension was 100% funded; any raise would likewise go directly into the unfunded pension liability. I would then freeze the salaries at that level until the pension system was 100% funded. I would then FREEZE all gov spending and take any excess revenue for the year and plug that into the unfunded liability, but ONLY as a “match” against the amount covered by the employees- making it 50/50 in catch up. Would it work? Yes. Would it be painful? Extremely. Would it solved the disastrous unfunded pension liabilities? Absolutely.

    Reply

    • Posted by PS Drone on February 20, 2017 at 9:17 pm

      Forget freezing current compensation. With some exceptions that is not the problem. If you increase the benefit age to 66 (like SS) and cap all individual pensions @ a max of $60K per annum (single, double or triple dippers included) the funding shortage will decrease significantly.

      Reply

  5. Posted by Anonymous on February 21, 2017 at 7:25 am

    Seesaw & PS, while your proposals are good political sound bites, I wonder what JB would think about the math?

    Reply

    • Posted by Seesaw Junior on February 21, 2017 at 11:02 am

      I wonder what JB would think about the math?
      #1- PS’ plan is not legal. The employee/s have a contractual RIGHT to “retire” according to their plan, as well as receive the benefit/s promised under the plan, so raising the retirement age and lowering the benefit amount unilaterally would clearly be unlawful.

      #2- The employees are NOT contractually protected to ANY specific salary. S their salary could be cut, as well as any COLA or raises, and that money cut could then be funneled into the unfunded pension plans.

      #3- JB, does my plan have your stamp of approval? I will say this-it IS a plan, a plan that will work, unlike anything anyone else in NJ or across America has offered up. Would it be painful? Yes, but not as painful as a BK and pension haircut in BK.

      Reply

      • I get that all money comes from taxpayers anyway but playing around with salary caps has too many moving parts. If anything I would have public employees pay nothing into the pension and adjust salaries for it so we can abandon this fiction that public employees are funding most of their own pensions..

        I would be curious, if there are any public employees out there, to know if their W-2 taxable income includes those 7%-of-pay ‘contributions’ they have taken out of their checks.

        Reply

  6. Is there any combination of tax increases and reductions in gov’t services that would allow NJ to cover even the accrued pension liabilities – i.e. benefits already earned for past service?

    Reply

  7. Posted by Anonymous on February 22, 2017 at 12:51 pm

    Apparently this guy is even better than he thinks. With his (fake news) economic growth NJ should be able to fully find the pension after all.

    https://www.yahoo.com/finance/news/trumps-plan-to-declare-victory-on-the-economy-194250110.html

    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: