Excerpts from that chapter follow:
Archive for the ‘New Jersesy Pension’ Category
In local budgeting having a surplus is often a good thing providing a cushion against unexpected downturns. For example in the 2016 Union County budget it was reported:
Faella said the county’s surplus increased from $31 million last year to $55 million this year, which has maintained the county’s bond rating.
New Jersey also has developed a surplus account (though they define it as ‘pension contribution’) and it looks like they may need to tap it again.
The book came out last month looking to expose biased and paid-for research that pollutes public debate on:
- Climate Change
- Health Care
- Immigration Reform
- Guns and Lies
- Voter I.D. Laws
- Gay Marriage
Around the same time this podcast interview with Union Boss Hetty Rosenstein offered a concrete examples of the process as applied to the New Jersey Retirement System.
First excerpts from the introductory chapters of Lies, Incorporated and then Rosenstein’s lies:
There was a conference yesterday covering “the year’s developments in the public employment sector” with “updates on collective negotiations, pensions, health benefits and more” at which it was reported that Assemblyman Declan O’Scanlon (R-Monmouth) admitted:
“(New Jersey Senate President Stephen Sweeney) may be an honorable man and intend to do that, but let me tell you, when you get the Legislature collectively together, occasionally we’re spineless,” he told the crowd. “If you’re going to try to get those reforms done after you’ve done the constitutional amendment guaranteeing the payments, I know several unions … will declare victory and will pound members of the Legislature into not coming back to the table to demand reforms. It simply will not happen unless you do the two things together.”
This stratagem was tried in 2011 when, among other things, cost-of-living-adjustments (COLAs) were eliminated in exchange for contractually obligating the state to make their predefined contribution payments. Two things have changed since then complicating another go at this tradeoff: Continue reading