NJ Gubernatorial Debate on Pensions

The main takeaway:
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My question:

If a ‘very, very credible plan’ to fully fund the New Jersey pension system exists then why is Phil Murphy not sharing it with anyone?

The 4 minutes allotted to the pension question:
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16 responses to this post.

  1. Posted by Javagold on October 10, 2017 at 11:42 pm

    I dislike both these liars. But Murphy takes the Gold medal for scumbags.

    Reply

    • Posted by PS Drone on October 15, 2017 at 11:33 am

      All politicians are liars. They all lie to get elected, to get re-elected, to their constituents, to their fellow pols, to the Media. All lies all the time. The only solution is term limits. Then we only get lies from them for a short time period before a less experienced liar takes their place.

      Reply

  2. Posted by Tough Love on October 10, 2017 at 11:56 pm

    Phil Murphy has his head so far up the Public Sector Unions’ asses, it’s amazing he was able to find his way to the debate. He danced around the question ….HOW will he fully fund the pensions ……………. clearly because he HAS no plan.

    Kim Guadagno is almost as phony as he is. Listening to the video, clearly she is ONLY calling for pension reductions for NEW workers. I heard NOTHING about reductions for the future service of CURRENT workers. Any & every REALISTIC solution MUST include very material reductions for the future service of all CURRENT workers.

    Two horrible candidates, BOTH determined to CONTINUE the betrayal of NJ’s Taxpayers. A Hobson’s choice if I’ve even seen one.

    Reply

  3. Posted by MJ on October 11, 2017 at 5:54 am

    There is not plan because there is no money……….and surely Phil, as a Wall Street big wig, realizes this but for some reason like Corzine just want to be governor

    Reply

    • Posted by dentss dunnigan on October 11, 2017 at 9:29 am

      Corzine wanted to sell the Turnpike until the voters said NO ,perhaps Murphy will sell the beaches since Christie already gave the lottery to the pensions

      Reply

  4. Posted by bpaterson on October 11, 2017 at 11:15 am

    POBs

    Reply

  5. Hasn’t the state already taken most of the beaches via eminent domain as part of the dune debacle…………..I guess the turnpike is still fair game

    Reply

  6. Posted by skip3house on October 11, 2017 at 2:17 pm

    Samantha Marcus‏Verified account @samanthamarcus

    The state will reach the full actuarial recommended contribution in 2023 if it continues at this pace.
    4:28 PM – 10 Oct 2017

    Reply

    • Posted by Tough Love on October 11, 2017 at 2:54 pm

      Yes, over $5 Billion annually, but that is still based on NJ’s 7.9% (or is it now 7.5%) assumption. Change it to a more realistic 4% to 5% and it likely $8-$10 Billion annually.

      Not a snow ball’s chance in hell that they could find thew money to make “full funding” contributions …………. w/o a HUGE ramp-up of the decades-long Taxpayer-betrayal?

      FREEZE NJ’s grossly excessive pensions for the future service of all CURRENT workers. Without THAT (just as step #1 ….. to STOP digging the financial hole DEEPER every day), we’re wasting our time.

      Reply

      • Posted by Anonymous on October 11, 2017 at 3:05 pm

        TL please go back wherever you wear for the past 2 or 3 years. Are you sure you weren’t up the river

        Reply

        • Posted by Tough Love on October 11, 2017 at 4:04 pm

          Tell me, “wear” was I ?
          ***********************

          LOL …………… another of the Public Sector’s “best and brightest” we pay so much for.

          Reply

  7. Posted by Pro Bono Public Pensions on October 11, 2017 at 2:39 pm

    A possible alternative for Kentucky may also be available for New Jersey. https://www.ket.org/episode/KCWRS%20001307/

    Reply

  8. Posted by George on October 12, 2017 at 9:23 am

    @ 3:41 Guadagno talks about ‘Tom Byrne’ plan. Not sure what that is. Possibly the Pension and Benefit Study Commission

    New Jersey’s Growing Pension Problem, and How Not to Be Illinois
    http://www.njchamber.com/index.php/news-room/press-releases/893-new-jersey-s-growing-pension-problem-and-how-not-to-be-illinois

    Pension and Benefit Study Commission
    http://www.state.nj.us/treasury/pensionandbenefitcommission.shtml

    FWIW Benefit should probably be spelled Benefits but why be a grammar nazi when it’s the numbers that count. But then again it is only one Benefit, heath that is the issue. So who knows?

    At this point let me share my genius idea to solve the pension and benefits crisis by paying retirees in NJ lottery tickets and Atlantic City casino comp cards. I think NJ should also consider leaving the dollar zone, temporarily, and issue its own currency.

    Reply

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