Sweeney Town Hall On Fiscal Reform

As reported by the Courier Post New Jersey Senate President Steve Sweeney spoke on the state’s fiscal condition at a town hall event last night and this is what I took from it:

Looking to Pennsylvania:
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Senate President (2010-2019) Stephen Sweeney explaining the need for structural reform to a teacher:
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Governor (1990-1994) James Florio explaining the problem that his successor caused:
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Assembly Speaker (1996-2002) Jack Collins explaining himself:
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10 responses to this post.

  1. Posted by skip3house on February 5, 2019 at 6:35 pm

    Worthless to Vets needing CC, if no printed story.

    Reply

  2. Posted by Anonymous on February 5, 2019 at 10:38 pm

    These videos are useless you can’t hear most of what is being said

    Reply

  3. Posted by PS Drone on February 6, 2019 at 5:08 pm

    Earth to Sweeney and all of the other assembled A-holes: Cut the pensions in half and push the benefit collection age to 66. Any other “comments” on the problems/recommended solutions is complete BS and a waste of everyone’s time.

    Reply

    • Posted by Tough Love on February 6, 2019 at 6:53 pm

      PS Drone

      Sure, based on the underhanded Union/Elected-Official deal0making that led to the granting of these ludicrously excessive Public Sector pensions, your suggestion is certainly “JUSTIFIED”, but seriously, under what mechanism (outside of Bankruptcy ….. which is not now an option for the STATE of NJ) do past service pensions in payout status get reduced ……. especially while these Plans still have assets?

      Reply

      • Posted by Tough Love on February 6, 2019 at 6:58 pm

        That said, once a Plan has zero assets, I suppose the Legislature (assuming they changed sides and were no longer beholden to the Unions) could refuse to raise taxes to make full pension payments ……. of course leading to a Court case and possible battle between the Courts and the Legislature’s “appropriations” function.

        Reply

    • Other than some minor reforms will kick the can down the road a bit longer…….

      Reply

    • PSDrone…….unfortunately even cutting all in half probably won’t solve the financial mess and after all they were promised!

      Reply

      • Posted by Tough Love on February 7, 2019 at 1:40 pm

        Ending Public Sector DB Plans for the FUTURE service of all new AND current workers (to be replaced for FUTURE service with a DC/401k-style Plan with a taxpayer match comparable to what Private Sector workers typically get from their employers ….. 3%-of-pay) along with a 50% reduction in payout (across the board …. or the financial equivalent via scaled reductions based on payout level) WOULD (in my opinion) enable us to (over time) right the now-sinking NJ financial ship ……… as long as it ALSO includes rapidly phasing-in reductions in Public Sector retiree healthcare subsidies to bring them ALL THE WAYy down to the level of employer-provided retiree healthcare subsidies typical in the Private Sector ….. which is in MOST cases ZERO !

        Reply

  4. And as far as NJ not being able to get new teachers….I just don’t believe it. For one thing, a degree in education is one of the easiest degrees to obtain so I’m sure many, many of our deficient HS graduates will apply to these programs and many will turn out to be just fine teachers

    I do think that there should be a higher starting salary, decent but not over the top health benefits for which they pay a portion and a more modest pension calculation that they also pay into or can opt out of considering that they will also receive SS in retirement plus whatever else they save on their own for retirement and they must pay into the health benefits if they wish to keep them at retirement.

    Even with benefit downgrades, its still a sweet deal when one takes into account the entire package, sick time, job security, perks, summers off, a paid week off at Christmas and Easter, 4 day weekends for other paid holidays, health benefits maintained through the summer, etc.

    I think what Sweeney wanted to say is that way way too much was promised without any way to pay for it all and here we are…….

    Reply

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