Connecticut Pension Debate On the Table

The second question in the first Connecticut gubernatorial debate last week between Democrat Ned Lamont and Republican Bob Stefanowski was on the $100 billion hole in the retirement system for public employees:
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They seemed to agree on the $100 billion number but, as in the New Jersey gubernatorial debates last year, something was missing.

A plan.

These guys are running for governor. They must have an idea of how they want to handle pension funding. For the Democrat it’s the asset sale sham that will do nothing. For the Republican it is unspecified benefit cuts. Why can’t they admit, discuss, and decide honestly before they get to that cabbalistic table where everything is supposed to get magically resolved?

Full debate here:
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8 responses to this post.

  1. I am in Conn and it is incredible. I am a 63 yr old recently retired IT mid manager with an advanced degree, made about 100k at peak 2000-2013, and can go to openthebooks.com and see grammar school teachers, librarians, judicial paralegals and calendar clerks, park rangers all making what I made due to guaranteed promotions and layoff protection. Now a 60k pension is average, when I tell people that it is equal to 1 million annuity and they look at me as being nuts. With 50000 state workers and 50000 teachers and almost same amount of retirees (not to mention municipal workers and dependents of government workers) probably 20% of voters are on the govt payroll or a dependent of someone it govt/ed payroll or retiree. Nobody wants to address it and it almost necessitates moving out unless you want to be on the hook for your neighbor’s retirement.

    Reply

    • Posted by Stanley on September 20, 2018 at 10:35 am

      No almost about it. Call United Van Lines yesterday. Or, you could sell, rent and store hhgs until the economy falls apart again and then choose where you can ride out the storm. Your analysis is quite strong cepting the almost part of course.

      Reply

    • Posted by Stanley on September 20, 2018 at 10:41 am

      60% didn’t vote. Pretty amazing. Maybe there wasn’t that much difference between the two candidates. What else could explain the lack of participation?

      Reply

  2. Posted by Tough Love on September 19, 2018 at 8:28 pm

    Quoting ……………….

    “Why can’t they admit, discuss, and decide honestly before they get to that cabbalistic table where everything is supposed to get magically resolved?”

    Why? Because there ARE NO FAIR/HONEST “solutions” that ANY of the stakeholders would be willing to accept.

    Reply

  3. Posted by Anonymous on September 20, 2018 at 10:42 am

  4. I’ve got a two-part plan to fix everything Generation Greed has done.

    1) Come up with a time machine to take us back 40 years. That’s your job.

    2) When we get there, I’ll tell you part two.

    Reply

    • Posted by NJ2AZ on September 20, 2018 at 9:55 pm

      i’d make a post WW2 deal with the russians and just let them have the eastern hemisphere. you stay over there sandwiched between your oceans, we’ll stay over here sandwiches between ours.

      Reply

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