NJ Pensions on NJTV

Republican Assemblyman Jon Bramnick brought up Governor Murphy’s hypocrisy in raising the interest rate for funding the state retirement system and Steve Malanga of the Manhattan Institute got some airtime to enthusiastically discuss the debacle that is that system and his recent report chronicling it.



.

17 responses to this post.

  1. Posted by Tough Love on March 10, 2018 at 10:19 pm

    The LAST point that Steve Malanga made is the key take-away …. and one I have repeatedly called for as the ONLY possible “solution” that MAY* work.

    VERY VERY VERY materially reduce the value of FUTURE service pensions accruals …………. AND Public Sector retiree healthcare benefits (where very few in the Private Sector are earning such benefits from their employers any longer).
    ——————————-

    * NJ is in such dire financial condition that there is a good likelihood that PAST (as well as FUTURE) service accruals may also need to be reduced.

    Reply

    • Posted by Retired police on March 10, 2018 at 11:14 pm

      Tough love:

      Let us hope it is your wide tunnel like mouth that spews nonsense that is reduced.

      Reply

      • Posted by Tough Love on March 10, 2018 at 11:32 pm

        My “wide tunnel like mouth” bothers you so much because you are not used to hearing the unpleasant truth, and not backing down.

        Always remember, the MATH ALWAYS governs in the endgame….. and it won’t be pretty

        Reply

        • Posted by Anonymous on March 11, 2018 at 12:22 am

          This coming from someone who works in the biggest rip-off industry in the country the insurance industry.

          Reply

          • Posted by Tough Love on March 11, 2018 at 12:29 am

            What nonsense.

          • Posted by Anonymous on March 11, 2018 at 12:32 am

            Great rebuttal. Insurance industry by far they make the greatest profits in America and they make them on the backs of hard-working Americans.

          • Posted by Tough Love on March 11, 2018 at 12:50 am

            The “subject” of this Blog is NJ pension crisis …………. the ROOT Cause of which is the ludicrously excessive pensions promised it’s Public Sector workers.

            Rebuttal to what ………… irrelevant /off-topic attempts to distract for the issue at hand?

          • Posted by Tough Love on March 11, 2018 at 12:52 am

            Anon,

            Rebuttal to what …………. off-topic attempts to distract from the issue at hand, NJ pension crisis, the ROOT CAUSE of which is the ludicrously excessive pensions promised it’s Public Sector workers.

          • Posted by Anonymous on March 11, 2018 at 1:02 am

            Looks like I hit a raw nerve.

          • Posted by dentss dunnigan on March 11, 2018 at 5:42 am

            Don’t know TL or even agree with her on some things but where she works is irreverent ,as for the private sector if you don’t like your insurance you can flip to another one ,unlike the unions that have a strangle hold on every taxpayer that can only escape by leaving the state

          • Posted by PS Drone on March 11, 2018 at 2:07 pm

            Not by a long stretch. Public sector is first by a wide margin – been ripping off the private sector taxpayer ever since Kennedy allowed the creation of AFSCME back in 1962. Second is the healthcare industry. If “insurance” is ripping us off, it is because they facilitate the real scammers – hospitals and providers of health care itself.

    • Posted by Stanley on March 13, 2018 at 3:50 pm

      “* NJ is in such dire financial condition that there is a good likelihood that PAST (as well as FUTURE) service accruals may also need to be reduced.”
      ————————————————
      Yep, pretty much baked in the cake that our public employee retirees will be eating. It is astonishing that large numbers of retirees think that they will collect these super grand pensions. MP Campbell points out in a recent post that Mr Reality trumps constitutional provisions, which I thought everyone would already be up to speed on. They soon will be.

      Reply

      • Posted by Tough Love on March 13, 2018 at 5:26 pm

        I too believe that NJ’s Public Sector retirees will be taking a BIG hit, but it “might” be limited to a BIG reduction in retiree healthcare subsidies as well benefit level reductions and increases in deductibles and coinsurance.

        Unlike NJ’s Public Sector pensions, there are few if any legal restrictions on such changes.

        Reply

  2. Posted by skip3house on March 10, 2018 at 10:45 pm

    No mention of combining new Gov. and Sweeney $$$ to increase school aid, not more pension funding, thereby cutting school property taxes. Bramnick’s calm words for voters wanting no taxes raised. Malanga speaks truth about real math. Must cut unfunded pension/Rx promises now.
    Best to me is combo Gov/Sweeney tax increases due to Feds tax cuts and increase aid to all schools, Malanga’s realistic math, plus pension/Rx reduction to actual funding existing, plus normal yearly funding, not $$Billions more for 30+ years.
    These, plus cut Abbotts,etc, will give needed cuts to school residential property taxes, a plus to party in power, instead of no solution and no tax rise per Bramnick.

    Reply

  3. Steve Malanga did a research article on the CalPERS pension that traced CalPERS back to when it started and he nailed every single issue that caused CalPERS problem. And this was over a decade ago. He clearly knows these issues inside out.

    Reply

    • Posted by Tough Love on March 13, 2018 at 5:18 pm

      The biggie in CA was SB400 and the follow-up changes that gave similar increases to most CA Local workers.

      But in CA and everywhere else there is a continuous stream of changes in Public Sector formulas and “provisions” … usually dozens every year….. and almost always changes that cost taxpayers money in the form of an instantaneous creation of an unfunded liability equal to the value of the enhancement. An example would be the reclassification of a non-Safety worker into a Safety-worker category with the much richer pension.

      All driven by the insatiable greed of the Public Sector Unions/workers and our Union-BOUGHT Elected Officials.

      Reply

  4. I liked that Steve Malanga traced the history of NJ’s pension underfunding to Florio.

    Perhaps if Malanga had had more time he could have addressed how the major reason Florio wanted to lower pension contributions was to make room for massive state aid increases to the Abbott districts.

    http://njeducationaid.blogspot.com/2015/08/the-role-of-abbott-funding-in-njs.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 )

Google+ photo

You are commenting using your Google+ 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 )

Connecting to %s

%d bloggers like this: