Truth in Accounting (TIA) yesterday released its tenth annual Financial State of the States with this helpful youtube:
(50) NEW JERSEY has held its last place position since 2014 and now needs $65,100 from each state taxpayer to pay off the debt accumulated to date. New Jersey’s financial condition worsened by seven percent from the previous fiscal year despite a prosperous economy. This is largely due to a $20 billion increase in debt related to unfunded other postemployment benefits (OPEB), mainly retiree health care. A new accounting standard (GASB 75) required New Jersey and other states to disclose all OPEB benefits on their balance sheets. (page 13)
Burypensions Blog 
Posted by Rex the Wonder Dog! on September 25, 2019 at 11:47 am
(50) NEW JERSEY has held its last place position since 2014 and now needs $65,100 from each state taxpayer to pay off the debt accumulated to date. New Jersey’s financial condition worsened by seven percent from the previous fiscal year despite a prosperous economy.
Stick a fork in NJ, b/c you’re done…
🐶🐶🐶🦴🦴🦴
Posted by PS Drone on September 25, 2019 at 8:53 pm
Maybe if we divide the debt by the number of “millionaire” public sector pensioners we can scrape up enough $ to significantly reduce this debt. Cut all pensions by 50% and delay receipt of same until age 66 and we will take a big bite out of this.
Posted by Rex the Wonder Dog! on September 28, 2019 at 1:48 am
Cut all pensions by 50% and delay receipt of same until age 66 and we will take a big bite out of this.
Big bite? THAT is CURE for this quagmire ….
Posted by Tough Love on September 28, 2019 at 2:37 am
Coincidentally, If we did that to El gaupo’s pension, it WOULD be just about equal in value (upon his retirement) to the pension of a comparably paid Private Sector worker lucky enough to still be in a non-FROZEN DB pension Plan.
Posted by bpaterson on September 25, 2019 at 2:16 pm
One wonders how the spinmeisters over at NJPP explain this disconcerting information for the past many years. BTW, those health benefits, isnt that a pay as you go situation so really is not a total obligation
Posted by PS Drone on September 25, 2019 at 9:02 pm
You are correct. No funding for PRMB. Just like Medicare after 2024 when the “trust fund” runs dry and benefits outstrip revenues by a huge margin. We are fk’d.
Posted by stanley on September 26, 2019 at 1:55 am
There is no trust fund now; only an accounting gimmick that shows taxes collected for a specific purpose but actually used in the general budget. When the market concludes that enough is enough, the game will be over or very challenging. It’s hard to say how many more times the can can be kicked, but there is still a limit to the kicking. It’s also hard to say if the game ends in a crash or a continued slide, or some of both. The end times are already here for some while many others live right on the edge a downturn away from insolvency.
We should remain aware that not everyone lived difficult lives during the Great Depression IMO.
I’m not excusing reckless spending and reckless finance.
Posted by E on September 26, 2019 at 7:05 am
Eliminate the fraud in Medicare and you’d push that date back quite a bit!!! Just sayin’
And what would you want as an alternative to it for old folks who are retired?
And those horrific pension and benefits numbers involve employees that work for the state and teachers. With the exception of state correction officers (who the state pays for about as well as they do teachers), the PFRS is entirely paid for by local town contributions and employee contributions. And these contributions are paid in full by the employer every year and have been for the most part. The same is true for the local portion of PERS, which admittedly has the politicians and many state employees in it and may cease to exist for new hires soon. For the most part, especially in small towns like the one I work in, the fiscal responsibility is there. The towns get little to no state aid from the income tax collected, dramatically increasing the reliance on property taxes to fund the schools. NJ schools are expensive, but they are also the best in the country. And that includes dumps like Paterson, Passaic, Newark, Camden, etc that bring the average down considerably. Combine that with the fact that NJ gets so little back from the federal government compared to what we send and it is surprising the debt isn’t even higher.
Posted by stanley on September 26, 2019 at 8:48 am
“And what would you want as an alternative to it for old folks who are retired?”
I don’t think that you are into reading books, but if you really want to know, read “The Cure that Works” by Sean Flynn. The book tells how Singapore delivers health care far superior to that of almost all other countries (measured by results) especially the United States for 25% of what the U.S. spends.
The essence of Singapore’s health care is a catastrophic insurance plan for all and pay out of pocket for routine care and care for voluntary health problems such as obesity, diabetes and so on.
In evaluating federal spending per state, military bases shouldn’t be considered. They are where they are usually for a reason. In the case of Air Force and Naval and Marine Corp air stations, they are located usually where there is air space for flying operations or where carriers tie up. Ships required deep ports so that is a factor in siting Naval Stations and so on. After excluding military spending, do other states really get more federal dollars? Let me also point out that funny money favors the money center locations over flyover country. Look at all of the people employed in managing financial assets. Look at how federal regulations and health care spending favor the pharmaceutical companies. What if pharmaceuticals had to serve paying customers?
Posted by PS Drone on September 26, 2019 at 11:56 am
Prior to LBJ f’cking us over with Medicare and Medicaid, people in the US paid out of pocket for routine medical care. But since 1965, because of government price fixing on those two programs, medical providers engage in “whack-a-mole” pricing which completely distorts the actual cost of delivering health care services. Providers should only be allowed to charge one price for everyone, and that includes government. That will sharply bring down the cash price for accessing routine care. The government, faced with much higher health welfare costs will have to ration the amount of care each beneficiary gets and will have to monitor major cases (e.g. mostly caused by poor lifestyle choices) and force some responsibility onto individuals to maintain their health.
Posted by E on September 26, 2019 at 2:02 pm
I am in favor of the one price for all. As it stands, Medicare usually pays far less for services than providers want to be paid, therefore they bill private insurance at a much higher rate.
If we are going to have people be more responsible for their health, to be fair, junk food should be taxed, beef subsidies should end and GOP (Sarah Palin) shouldn’t make fun of Mrs Obama for trying to get folks to eat better, soda should be illegal etc.
Serious pushes should be installed to promote exercise and vegetarian lifestyles should be promoted as well. The fair price for ground beef would be about what filet mignon prices are now.
Sugar and salt should be removed from most foods. Salt and prepared foods lead to hosts of medical issues.
Keebler cookies aren’t made by elves. They are made in a lab by scientists who make sure that you are NOT satisfied witb just one of them, but instead eat a whole bag.
Posted by stanley on September 26, 2019 at 3:13 pm
“I am in favor of the one price for all. As it stands, Medicare usually pays far less…”
The commissar of the day award goes to drum roll please the constable. You don’t understand the role of market pricing in keeping the supply of goods and services in balance and encouraging what consumers want and need and discouraging what they don’t want. In the present absurd U.S. system, the consumer exercises his right to make his own decisions, live his own life and offload the responsibility for the results of sub optimal choices onto others. Is it an improvement for people to say “I can’t make sound choices, I have to have the constable and Mrs Obummer make my choices for me?
Please read “The Cure that Works” and upgrade your understanding of this important issue. For the children if not for yourself.
“Keebler cookies aren’t made by elves.”
People aren’t equally addictive. I have had people tell me that they have tried recreational drugs and didn’t get addicted or have problems with them. Jesse Helms smoked two cigarettes per day. I limit myself to only some coffee in the morning from the 34oz can. I avoid peanut butter cups and MMs. I allow myself a small package of cookies when I give blood. People need to know something about their psychology and and health issues. I don’t believe that adjusting taxes or issuing decrees will improve anything at all. What works is that reality is an excellent teacher if it is allowed to deliver its message.
Posted by E on September 26, 2019 at 4:52 pm
Cmon Stanley. Really? As long as the guy who doesn’t want the government telling him to wear his seat belt doesn’t mind not having MY premiums go UP because it cost 100X more to fix him than someone who is wearing a belt in a crash, then I am fine with it. Let his insurance not pay for his injuries.
In many ways, smoking rates declined because of “shaming”. Almost no one in my kids high school class smokes cigs anymore. Pot yeah…. Perhaps we need to fat shame as well.
As long as my health insurance premiums and yours pay for poor diet choices by weak minded people who fail to exercise as well, and wind up costing much much on average than a fit person, than yeah….I’d prefer a tax on shitty food with no nutritional value. I live in an upper middle class area with many choices of healthy food (Whole Foods at the like). Some areas are virtual food deserts. My health insurance $$ is paying for the bypass surgery for someone who eats Mickey Ds every day.
I’d prefer to not do that. If I must, than yeah I want fruits and vegetables to be subsidized instead of the cattle industry. I’m lucky if I have one soda a month. Usually if I do it’s mixed witb rum. Sometimes I’ll go months without one. We have none in the house. Why? Because it is terrible for you. Put a damn tax on that like cigs so when the fat folk who down multiple cans of the crap get sick they have some skin in the game. Same with cookies and candies. Sorry bro. I’d rather not pay for that stuff. If there is a tax on it, than by all means stuff you god damn face cause I ain’t paying for it cause I don’t eat that shit.
Posted by E on September 26, 2019 at 5:01 pm
There has to be some government regulation on things Stanley. People for the most part can be stupid.
Or just naive. Predatory lenders, especially people calling trusting senior citizens scaring them into buying shit they don’t need, and yes Fox News advertising does just that, need to be stopped.
I don’t think the guy selling water bottles should be able to sell his stuff for 10x the price during a natural disaster. We are ALL citizens and as YOU like to say “whatever happened to neighbors looking out for one another” in one of your stupid anti Authority rants on policing and the abolishment of the same. Cmon my friend….I’m right wing especially with law and order, illegals, etc. but you are fringe my friend. And candidly, just like a left wing fringe, your ideas will never be mainstream. Or am I being Pollyanna😄
Posted by stanley on September 26, 2019 at 5:11 pm
Constable, I don’t think that I’m getting through to you.
The government should restrict itself to defining what the citizens shall not do and the consequences when they do what is outlawed.
Insurance cos can and should charge behavior based rates and refuse coverage for those indulging in very risky choices or charge the necessary premiums to cover the risk. It shouldn’t cause you to pay higher rates–or in your case the taxpayers who are picking up the tab. Actually, the government shouldn’t be requiring insurance of any kind. The citizen who wants to offload the risk of an uninsured motorist causing him damage can buy that protection himself.
Above all else, the laws of the country should not be written to accommodate the worst element of society–the people that you deal with on a daily basis. People aren’t as bad as you think. They can make sound decisions when it is necessary. They aren’t suicidal until they see that life is hopeless and for many today it is hopeless.
Posted by E on September 26, 2019 at 5:13 pm
Also @stanley. You seem to love having everyone be responsible for the own decisions, but I seem to recall your opposition to legalized sports gambling. Hmmm…..by any metric it has been a boon for the taxpayers here. You stated that many will fall into gambling’s traps and ruin their lives. A few will yea, doesn’t mean it shouldn’t be legal?? And by the way….every bet I make and lose, the state gets a cut of it. A smidge higher for online than in a casino. Sportsbook pay more taxes on their winnings that routine stuff. I’m fine w that as well.
Posted by stanley on September 26, 2019 at 7:24 pm
If people want to gamble, that is their business/problem. I guess I’m not against an occasional small bet for fun or betting on a horse at the track or playing poker. I have some risky speculations that very easily could fail totally or on the other hand produce extraordinary returns. It’s the state jumping into the racket taking a cut that I oppose. I haven’t been in a casino in years and put zero money in the slot machines at the grocery store or gas station. Gambling towns have a poor side that is beyond belief. Sun Valley NV is the pits and parts of Reno are lower end as well. I believe that drugs and gambling play a major role in that side of life. The gambling contingent can’t get by without the problem habitual gamblers. The government should be able to raise ample funds without preying gamblers.
Some people tell me that gaming is yesterday’s story.
Posted by Tough Love on September 26, 2019 at 10:24 pm
Quoting El gaupo (re healthcare costs) ………………….
“I am in favor of the one price for all. ”
I almost fell off my chair hearing that from you ………. one who relishes his soon to be FREE retiree healthcare costs, perhaps starting as early as age 50 …. yes, age 50!
So tell me El gaupo, are you willing to pay the taxes to give that to EVERYONE …. includjng the new police hires in your town who no longer get ANY retire healthcare benefits just so you could KEEP yours ?
Posted by Rex the Wonder Dog! on September 28, 2019 at 1:56 am
I live in an upper middle class area with many choices of healthy food (Whole Foods at the like).
Does Wienerschnitzel qualify as “healthy food”? Because I LOVE those chili-dogs! In n Out Burger (Animal Fries!) is a close second … 🐶🐶🐶🦴🦴🦴
Posted by Tough Love on September 26, 2019 at 10:18 pm
Quoting El gaupo ………………….
“Eliminate the fraud in Medicare and you’d push that date back quite a bit!!!”
lol ………………. Why the 3 exclamation points?
Posted by E on September 26, 2019 at 10:56 pm
One for each decade???🤷♀️
Lol
Posted by E on September 27, 2019 at 2:34 am
And by the way, I was talking about insurance companies reimbursing doctors. Medicare usually pays far less. They will not go above a certain amount.
I wasn’t talking about how much an individual should pay their employer for health care coverage. That is between those two entities and in many cases differs and is negotiable. As in my case. Nice diversion though
Posted by MJ on September 27, 2019 at 9:06 am
E, I get it that police pay for their own pensions combined with the towns. I think a big piece that doesn’t get talked about enough is that NJ may be one of the only states with so many individual towns and municipalities each combined with layer upon layer of administration, duplicate services and way too many employees doing way too little. Now combine this with county services and layer upon layer of administration, etc. We have local police, state police, sheriffs, on and on.
We have local government, county government, state government, federal government, school districts……….on and on
No body wants to consolidate because that means we would no longer need all those redundant and expensive public positions including the politicians. BTW if NJ schools are one of the best we are paying way too much!
Consolidation and certain job phase outs would be a great first step towards any sanity in addressing NJ s finances, It is only going to get worse, not better.
Posted by Tough Love on September 27, 2019 at 12:06 pm
Well said, but I’m not sure you realize just how SMALL El Gaupo’s own pension contributions are, as a share of true total value of his extraordinarily generous pension ……….. in the 10% to 20% range.
Posted by E on September 27, 2019 at 1:08 pm
I don’t disagree on consolidation. However, truth be told, many of the small suburbs are actually run MUCH better than bigger ones in terms of tax increases and the like. In fact, the boys in blue up in Rockland merged many years ago. They make more than your Bergen towns do. That said if the taxes are cheaper up there, no idea really if they are, than I am all for it.
Where I work, I usually am on a shift with one other cop for the whole town. The savings would be combining the top positions. I am not opposed to it. Part of the problem also for us in the burbs is not so much the level of service we get, and let’s be honest, AZ and Stanley would roll their eyes at all the services here, but that 2 of those levels of service (state and federal) take more than they give. We pay way more than we get back financially from both of those levels as we have discussed before.
Compare the services on a local level that may not be common in areas where the local tax base is much less. In my town we get trash pick up twice a week, recycleables once a week, library services, sewer, tons of activites at our local schools— full slate of athletics, plays and musicals, tons of clubs, senior center activities, law enforcement activities that have gone way beyond— cops running campouts for kids, bbq for seniors, dare trips, child car seat checks, many many things that are beyond the primary function of enforcement of the law. Officers in my town receive comp time back for these activites not overtime but you get the point. Oktoberfest and spring fests are the norm in many towns. Summer band series. Many of these activities when all is said and done don’t pay for themselves and come out of the school/town budget. Some of these were cut during the recession, in my town the school cut middle school sports after a public outcry from parents they were out back in 2 years!
It appears that on the local level most of the folks in suburbia, while many may complain, they enjoy the government providing for many wants as well as needs when it comes to services. The secondngarbage pickup costs about $100 a year. I don’t mind paying for it. If it went to once a week, I would adjust to it and be fine w that to. Loved the second pickup when the kids were babies and I was putting dirty diapers in there. Lol.
The schools will always be this way, because parents will usually outnumber the elderly. As we talked about many move to greener pastures and that’s ok. I do not begrudge a parent of a 5 year old for wanting true best schools for their kids. I did when my kids were that age and still do. On some level I feel that it would indeed be hypocritical for me as my kids age out in 2 years from the school system to complain about the taxes when I enjoyed a great system for my kids.
I still think the. EDT is to make your money here and than move away to a cheaper area if you wish. I want to do that, however, as I stated I want to be close geographically to my kids and hopefully grandkids. The is of great importance to me. Much more so than saving a few grand, ok maybe lots more than I few grand. I do not want to have to hop a plane every time I want to see my grandkids. Doesn’t mean I won’t mind a couple hour drive from PA. And if they are like most gen Z kids they won’t be having kids until they are a few years older anyway. Taking that out of the equation for me.
Btw— look for giants to cover this weekend. The defense still sucks, but Jones is the real deal I think. He might not play as well as he did last week, but he won’t have to. Redskins D sucks too. Look for the over to be the play as well. Nice game parlay maybe
Posted by Tough Love on September 27, 2019 at 8:56 pm
Quoting El gaupo ………………..
” law enforcement activities that have gone way beyond— cops running campouts for kids, bbq for seniors, dare trips, child car seat checks, many many things that are beyond the primary function of enforcement of the law. Officers in my town receive comp time back for these activities not overtime but you get the point.”
Sounds like just ANOTHER ripoff of the Town’s residents, not unlike your absurd (and admitted) pay of $110/hr at construction sites.
So, you participate in all these nice things to do for the residents but which have nothing to do with classic “policing” ………. yet if only indirectly (via comp-time) you effectively GET PAID for making nicy nicy to the town’s residents.
I’d bet that VERY few of those residents know that you are “on the clock”.
Posted by stanley on September 26, 2019 at 7:26 pm
Off topic: Constable, I believe that you Yankee fans had better get ready to see them closed out early. Houston has the team with pitching this year. Oakland and Milwaukee are also playing very good ball.
Posted by E on September 26, 2019 at 11:05 pm
As a Yankee fan, yes Houston scares me. Oakland too.
But Houston will take care of the winner of the wild card game I believe. And possibly my beloved Yankees too. Starters are so damn good. And you know the old saying about good pitching stopping good hitting. Lol.
I think the ALCS champion will win the whole thing.
Hopefully it will be a good playoff with some nail biters. I think yanks can get to Greinke. Verlander and Cole not so much. Will need to outlast them and get to the bullpen. That is IF they can beat the Twins first.
As far as the gambling, not much different than the horse track paying taxes on its earnings. And for me, it’s all for fun. I’ve quadrupled my initial $200 layout. I think of it as a fantasy league if you will. I do see your point as the government has no business taking dough from fantasy winnings. I also see your point about it getting out of hand for some folks, who never would’ve even tried it if it wasn’t legal. I think of Craig Carton who said that blackjack was his heroin.
Posted by NJ2AZ on September 25, 2019 at 9:57 pm
worse than Illinois…impressive
Posted by Rex the Wonder Dog! on September 25, 2019 at 10:52 pm
LOL^^^^ @ “Impressive” 🙂 The sarcasm in that comment just killed me !
🐶🐶🐶🦴🦴🦴
Posted by NJ2AZ on September 26, 2019 at 1:31 pm
we’re #1! we’re #1!
Posted by E on September 26, 2019 at 2:55 pm
We are also close to #1 in per capita income (3 maybe?) and #1 or 2 in public school quality. Hmmmm…….
AZ most folks here hold their nose at high taxes because they love the schools and are making more than they could elsewhere. Of course not everyone does but those folks sell and get top $$ for their home.
You rarely see folks out at school board meeting or even council meetings en masses to oppose any but the largest of tax increases. It is usually the opposite and folks here get of in arms of the middle school sports program is on the chopping block.
The smart folks that live here realize that they can put their kids in the best chance to get into the college they want by educating them here (NJ suburbia) as opposed to where you live.
They also realize that if they make a decent living and can save for retirement that 1) they probably can put more $$ into a 401k by working here and making more $$ and 2) the value of the home they live in and look to sell will get them decent bucks with lots left over when the gray hairs look to come your way. After all, isn’t that what you said your old man did? Not saying it’ll go for ever, maybe when the govt decommissions the train tunnel into Manhattan and nobody can get into the city, the prices will fall. If we didn’t stop the project in 2010, that wouldn’t be a worry anymore. Now I hear they GWB will be going up to $16 to cross it next year.
Not saying it’ll go on for my kids when they get outta college. Who knows? Just saying, like MJ make your $$ here then leave for cheaper pastures if you want. Lots of nice places. This is one of them.
Posted by NJ2AZ on September 26, 2019 at 6:41 pm
Eh, the schools thing is overblown. It is more than easy to get a quality education for one’s children out here if one cares even a little bit to expend some effort, and it doesn’t cost $15k/yr in taxes to do it. and while i’m sure it won’t be smooth sailing, AZ isn’t completely F*d when the next downturn comes. Easy to cut back on a government that doesn’t do much in the first place 🙂
Posted by stanley on September 26, 2019 at 8:23 pm
What do you mean that they don’t do much? They do plenty. We have roads and highways better than many. A nice public library system. Parks and mountain hiking. Decent weather during the winter. I fail to see where they need to take on more projects. Don’t let that Constable move down here. He’ll be telling how they did it in Jersey. LOL
Posted by NJ2AZ on September 26, 2019 at 8:25 pm
Perhaps you are right Stanley. I tend not to utilize government services other than the standard stuff like roads, etc…but i just assumed since we pay so little in taxes out here there must be things other states do that AZ isn’t. 🙂
you an AZ guy?? How bout this weather huh? Pouring at my house right now.
Posted by stanley on September 26, 2019 at 9:57 pm
Yes and no. I’m not there right now. I split my time between AZ and Northern NV. We have pretty decent roads. Much better than CA. I drove up through San Bern a few weeks ago and I have to admit that the roads weren’t that bad–the ones I drove on. I don’t feel deprived living in AZ.
Posted by E on September 27, 2019 at 2:38 am
I’m glad you are pro library Stanley. Reading makes you smarter. As opposed to watching Kardashians. Lol. Or posting on here for that matter. 😉
Posted by Eric on September 25, 2019 at 10:55 pm
I told you so!
Eric
Posted by E on September 26, 2019 at 3:03 pm
Wow. Look whose back in the news!!
$800K must be nice. https://www.nj.com/politics/2019/09/christie-was-paid-800k-as-adviser-to-pharma-company-after-he-left-trump-opioid-panel.html
Posted by bpaterson on September 26, 2019 at 3:13 pm
pacira lost half its stock market value the last 10 years (while CC was governor but irrelevant of course)
Posted by E on September 26, 2019 at 5:04 pm
And yet…..hmmmm. And he is still on the board. As TL likes to think I say “nothing to see here. Keep moving”.
Disgusting man who I wouldn’t piss on if he was burning to death right in front of me. 🤣
Posted by bpaterson on September 26, 2019 at 6:31 pm
yet he was undeniably the best governor NJ had in the last 25 years.
Posted by E on September 27, 2019 at 2:44 am
Yea too bad. Lol. Only an asshole would want to take some old guys cola.
You forget we don’t get SS, oh jealous one.
And yet you still think I get a great deal. lol.
You really should worry less about me and my pension. Just pay and stfu.
Windbag. lol sooooo jealous. Too much a man for you. That’s for sure.
Posted by E on September 27, 2019 at 2:48 am
Post below is for TL. This one for Paterson.
Matter of opinion. You may think so. I don’t. And he had the lowest approval rating since Royal Gov William Franklin did right before the Revolution. So most folks agree with me. And like TL, you have no say as to what I make. So, just shut up and pay your taxes. 😎
Or move or run for office and change things.
Posted by Rex the Wonder Dog! on September 27, 2019 at 3:08 pm
You forget we don’t get SS, oh jealous one.
Oh YEAH! …No Social Security, which is a MAX of $31K @ age 67, while the GED Wonders receive $100K @ age 50. Boo…Hoo…Hoo…Sort of like saying:
“I was passed over for a Yugo and given a Rolls Royce instead, man am I PISSED about that”
🐶🐶🐶🦴🦴🦴
Posted by Tough Love on September 27, 2019 at 8:39 pm
An ADDITIONAL point, that I’m sure El gaupo is aware of but wouldn’t help his case if mentioned, is that at his income level, Social Security is a VERY bad deal (as measured by ROI) and he’s is better by both not participating AND not contributing.
Posted by Tough Love on September 26, 2019 at 10:44 pm
El gaupo,
Be honest, you’re just pissed at Christie because you’ve lost your pension COLAs.
P.S. you SHOUD BE ………. just ran some #s and the loss of your COLA will cost you just about $1.28 Million in less $$$ payments over your expected lifetime, with a present value of $537K at the time of your retirement ………. equivalent to a 23% cut in your (with-COLA) pension.
——————————–
Because Private Sector DB pensions VERY VERY VERY VERY VERY rarely include COLA-increases, Public Sector worker pensions should NEVER have included them ……. because you guys are NOT “special” and deserving of a better deal on the Taxpayers’ dime.
Taking them away only PARTIALLY gets us to where we SHOULD BE. Too bad the changes didn’t roll-back all previously granted COLAs.
Posted by bpaterson on September 26, 2019 at 3:08 pm
Here’s the answer to my question about the spinmeisters over at NJPP, how will they handle the article: Their answer: “right on the money! ” Such idiots are complicit in our looming failures always talking roses and rainbows. We all have to agree that there will certainly be a resolution out in the future, just disagree on what it will be. NJPP spin link: https://www.njspotlight.com/2019/09/state-investment-council-runs-the-2019-numbers-on-public-worker-pension-system/?ct=t(EMAIL_CAMPAIGN_09_26_2019)&mc_cid=572e6f3945&mc_eid=00e953db61
Posted by boscoe on September 26, 2019 at 11:05 pm
Simmer down and work on your reading comprehension. You quoted a story appearing in New Jersey Spotlight, an organization that has NOTHING to do with New Jersey Policy Perspective (NJPP). And the Spotlight story was merely reporting on the FY 2019 annual report of the NJ State Investment Council. And if you had read past the top line of the story (“right on the money”), you would have seen that the Investment Council said the return on pension system investments fell short of the assumed rate of return. So no, nobody was talking roses and rainbows.
Posted by skip3house on September 29, 2019 at 11:11 am
Time to really reform retroactively? Sweeny/Adubato on NJTV 9/28 mentioned idea to cap pensions at $40K, (Rx too?) then rely on each workers annuity as added/new in some other States? They now figure promises/funding were political, made by those “passed on”/kicked can to now! We elected bunch of self-interested then, now too?
Posted by boscoe on September 26, 2019 at 11:15 pm
Simmer down and work on your reading comprehension. You quoted from a story in the New Jersey Spotlight, an organization that has NOTHING to do with New Jersey Policy Perspective (NJPP). They were simply reporting on the FY 2019 Annual Report of the state Investment Council. And if you had read past the headline (“right on the money”), you would have seen that the Investment Council actually stated that while returns on investment of pension fund assets were positive, they fell below the assumed interest rate the state uses for valuation purposes. But other than getting your conclusions wrong and your organizations mixed up, you too were “right on the money.”
Posted by boscoe on September 26, 2019 at 11:17 pm
Sorry about the double post. The first post wasn’t showing up on my screen.
Posted by bpaterson on September 30, 2019 at 1:24 pm
my apologies, boscoe, i do get those two, the NJ Spotlight and the NJPP confused since they just appear to be the apologists of bad govt. NJ Spot actually did sound slightly negative in the article which was a surprise, but did spin it as “right on the money” like its no problem at all.
Posted by Anonymous on September 27, 2019 at 2:18 pm
Puerto Rico could see debt cut by 60 percent through federal control board bankruptcy plan
https://www.nbcnews.com/news/latino/puerto-rico-could-see-debt-reduced-60-percent-through-federal-n1059626
Posted by Rex the Wonder Dog! on September 27, 2019 at 3:11 pm
Puerto Rico could see debt cut by 60 percent…
Try 90% Baby Einstein. Puerto Rico is flat broke, they don’t have a dime to their name. Their pensions are “pay as you go”, they could NOT cover even 25% of their debt, much less 40% of their debt.
🐶🐶🐶🦴🦴🦴
Posted by Anthony on May 8, 2020 at 1:17 pm
I struggle to see the logic that Police and Fire fighters are the enemy here!!! They do a service non of you would dare do , and are the first ones YOU call when you need help. How about all the money spent on people that don’t contribute to the system. everyone on welfare and social security are not affected by this shut down, yet they receive stimulus money… why? They are receiving the same money they would if this never happened . There’s people out of work no UI or Stimulus yet but others that I mentioned got theirs. The pension fund was making the state money before the politicians destroyed it with poor investments for self gain started with (Whitman). Hold these politicians accountable and take a look at their pensions 4yrs of shitty work and a lifetime pension double the cops and firefighters.