Nothing Bold on Horizon

Kudos to Steve Adubato for focusing on public pensions in New Jersey on his State of Affairs program, as in this week’s discussion with Alfred Doblin, Editorial Page Editor of The Record;
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Brickbats for the three-minute time limits and propagating pension newspeak:

  • Putting unfunded liabilities in the tens of billions of dollars allows listeners to assume it could be as little as $20 billion. At this stage, with a GASB number as of 6/30/15 of $135.7 billion, we can safely go with hundreds of billions as the operative phrase.
  • Christie’s stewardship of the pension system is nothing to brag about (unless you are addressing the feeble-minded)
  • There are no ‘weeds’ in this discussion. What part of ‘running out of money by 2021‘ requires specialized knowledge?

27 responses to this post.

  1. Posted by Anonymous on July 9, 2017 at 11:38 am

    Guess I posted this too soon;

    Anonymous on July 9, 2017 at 9:34 am
    Undisclosed union sources have stated their willingness to negotiate P&B reforms with Murphy IF COLAs are reinstated. The tentative talks include a sliding scale COLA tied to base allowance pension. As would the implementation of ALL retiree premium share for ‘gold type’ health coverage prior to Medicare eligibility. Upon turning 65 a stipend for purchasing a medigap plan would be provided. Sticking point is a new hybrid plan for non vested and new hire employees. Preliminary estimates suggest a $75B reduction in unfunded liabilities over 40 years but this includes the hybrid plan. Union and Murphy sources declined comment but Murphy reiterated he would not sell the beach house to fund pensions!

    Reply

    Reply

    • Posted by Anonymous on July 9, 2017 at 11:47 am

      Cola shouldn’t be allowed to drain the pensions of precious dollars until it’s back to at least 75% funding otherwise it will just crash sooner …..

      Reply

      • Posted by Anonymous on July 9, 2017 at 11:57 am

        I don’t think COLAs or 75-80 % funding is the issue when they’re projected to run out beginning in 2021?

        Reply

  2. Posted by MJ on July 9, 2017 at 12:18 pm

    Thought COLAs were old news……….still trying to resurrect them??? and they wonder why the system is broken and unsustainable…SMH

    Reply

  3. Posted by Anonymous on July 9, 2017 at 4:58 pm

    Love is a many splendored thing, except when it comes to DBP.

    Reply

    • Posted by George on July 10, 2017 at 10:25 am

      Tettamant is deflecting blame and recasting his role as an official with little real authority, who simply carried out the instructions of a powerful board. (But he was paid like someone with real authority)

      “Mr. Tettamant faithfully followed the orders of the trustees, even when he personally disagreed with them,” Tettamant’s attorney, S. Michael McColloch, said Thursday in a prepared statement.

      Reply

  4. Posted by George on July 10, 2017 at 10:38 am

    It is not clear anyone can get elected without saying they will maintain at least the status quo. My guess is 25% to 33% of votes cast are from present or retired government employees and their family members. I also suppose that 25% or so of the potential electorate get significant amounts of financial support from the government (SS for example). Probably another 25% of the electorate has no significant assets or really care much about the income tax. It will be easier to say status quo than to maintain it. It will be interesting to see how the tax hikes in Illinois work out as a fair number of corporations moved to Chicago and could leave.

    Reply

    • Posted by Anonymous on July 10, 2017 at 10:45 am

      In keeping with your %s what about 25-30% from retired/current Fed including military workers…..

      Reply

      • Posted by Anonymous on July 10, 2017 at 11:37 am

        As usual, you’re always looking to push the discussion away from the focus of this blog ………. the VERY important need to reform (i.e., materially REDUCE) State & Local Public Sector pensions.

        Unlike the Feds, we (NJ’s Taxpayers) don’t have a money-printing press

        Reply

        • Posted by Anonymous on July 10, 2017 at 12:11 pm

          BUT IF we’re to believe your mantra the taxpayers shouldn’t pay for anything more than equal not better than the private sector; it’s you that’s looking to shift the discussion away from (more than likely) you and yours self interests!

          Reminds me of a local retired military, educated on the taxpayers dime, now in private practice, doctor. They seem to forget their career, pension, and benefits are paid for by the taxpayers. Yet they protest even the smallest State or Local tax increases. Wonder if the shoe were on the other foot how the bunions would like it!

          To semi quote you, greed and printing money has its consequences!!

          Reply

          • Posted by Anonymous on July 10, 2017 at 12:53 pm

            1-st paragraph ?…………… quite a stretch that I’m doing anything but advocating to STOP the unjust theft of Private Sector taxpayer wealth at the hands of Public Sector Unions/Workers in collusion with the Elected Officials they BUY with BRIBES disguised as Campaign contributions and election support.

          • Posted by Anonymous on July 10, 2017 at 1:17 pm

            Quoting, quite a stretch? It either is or it’s not, sh*t or get off the pot (no not medical marijuana)!

            Like the doctor in my real life example, hypocrisy!!

            I know now you’ll outright deny all self interest except for the good of the taxpayers – sounds like what a politician would say!!!

          • Posted by Anonymous on July 10, 2017 at 2:05 pm

            T-anon I truly believe you believe the unbelievable generalization you make about public sector workers. But what’s unbelievable is that you believe it doesn’t apply to Federal workers and military because of the latter’s ability to print money!

            Believe what you will or in this case must due to you and yours special exception self interest. Acceptance is the first step to healing your denial!

  5. Posted by Anonymous on July 10, 2017 at 1:31 pm

    It’s time to smash the unions grip on public jobs ….
    Public Union Files Grievance Against Poison Ivy Eating Goats for Stealing Jobs …http://www.battlecreekenquirer.com/story/news/2017/07/06/goats-taking-jobs-union-workers/455237001/

    Reply

    • Posted by Anonymous on July 10, 2017 at 1:37 pm

      Their case is rather sheepish and the outcome bahhhd for taxpayers! May I suggest monetizing goat’s milk and cheese to fund their pensions.

      Reply

  6. Posted by Anonymous on July 10, 2017 at 2:40 pm

    For the love f good why do the DBP heathens persist…..could it be there’s a seventh day whereby DBP were created?

    Reply

    • Posted by Anonymous on July 10, 2017 at 2:43 pm

      Sorry but it’s not my fault, I blame public education and low grade phone technology with Russian spell check!

      Reply

  7. Posted by Anonymous on July 10, 2017 at 2:44 pm

    I love this blog, more informative than FOX and funnier than SNL!

    Reply

  8. Posted by Anonymous on July 10, 2017 at 2:44 pm

    I love this blog, more informative than FOX and funnier than SNL!

    Reply

  9. Posted by Anonymous on July 10, 2017 at 3:22 pm

    Shipping out now for the South Seas, hope I don’t get bit by a Polynesian angel, that’ll get me combat pay and increase my DBP payout – ouch!

    Reply

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