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The pension would be in fine shape if the State made their contribution as required. You can not skip the majority of a required payment for 23 plus years and then say we can not afford the plan.
You should also stop trying to sell the 20 year and retire for 40 nonsense. That pension plan is in okay shape. The plans not in good shape are the plans funded partially by the State. It is all because the State did not fund the plans with the 4% of each employees salary for State workers and teachers. Those plans required 25 years and at least 55 but the average retiree did 35 plus years and was 62.
If you really read my post I said NYC for 20 years and collect for 40.
Funny that he found the money to fund illegals in-state tuition payments. He should try cutting some welfare and other entitlements first. The state hasn't paid their share in years. what a shock when you don't make payments bad things happen. I wonder what he will do when there is a massive revolt by all those getting screwed by his policies.
Christie's only concern is getting himself elected to a national office and pleasing his backers.
Funny that he found the money to fund illegals in-state tuition payments. He should try cutting some welfare and other entitlements first. The state hasn't paid their share in years. what a shock when you don't make payments bad things happen. I wonder what he will do when there is a massive revolt by all those getting screwed by his policies.
Christie's only concern is getting himself elected to a national office and pleasing his backers.
Nothing would make CC's best friends, the Koch brothers, happier than to de-fund the pensions of rank & file state employees who have faithfully paid into the pension system for 35 years--or more--only to have the state default on their contractual obligation.
As usual, we have the class warfare that the right wing has been trying to incite for many years. Now that they have the Faux News Network to do their dirty work of paying the wealthy to tell the middle class that all of their problems are the result of public employees, the process of class warfare has accelerated. And, of course, our esteemed governor will do anything that accomplishes two goals:
Increasing his funding from The Koch Brothers and other far right-wing elements
Advancing his goal of becoming POTUS, regardless of what happens to the citizens of NJ
the sooner everyone sees that it is the extremely wealthy that divide and conquer the better off everyone will be
democrat republican the same nonsense ,corporate America runs local and national government and dictate policy
for many years everyone was led to believe that it was entitlements that have caused federal and state debt always blaming the poor ,if corporate America paid a fair livable wage there would be no need for food stamps and such programs ,corporate America is the biggest moocher of all and sooo many people cant see it
I agree with what he said. It would give me great pleasure to see public workers stipped of their pensions.
It would give me great pleasure to see private sector workers fired, demoted, or stripped of their 401k's. After all, they only suck profits out of companies by demanding outrageous salaries and exorbitant benefits, therefore making me pay more for their products and services.
It would give me great pleasure to see private sector workers fired, demoted, or stripped of their 401k's. After all, they only suck profits out of companies by demanding outrageous salaries and exorbitant benefits, therefore making me pay more for their products and services.
Here is where your analogy is flawed. If you're sick of overpaying for a certain workers compensation for any private corporation, guess what? You are free to take your business elsewhere. My property taxes went up AGAIN. Guess what? I can't call my local town hall and tell them I want a new local municipal gov because these idiots cant run a township.
These pension plans are UNSUSTAINABLE. A house of cards, ponzi scheme. One day it will fail.
Anyone that thinks the pensions could bankrupt a State does not understand the finances of the State. Look at the budget- before the State could go bankrupt (if the law allowed it) a trustee could stop so many discretionary payments there would be plenty to fund the pensions and pay the debt. Add to that the trustee could liquidate assets like he considered doing in Detroit (selling art) and there is more than enough funds to make up the 23+ years of missed payments.
Politicians just misuse data and play off peoples envy to push legislation to avoid tough choices and push the blame to some other group. Christies group to blame is teachers. There are others past and present that used other groups to blame.
The State budget is $31 billion and operating expenses and other fixed costs are $6 billion. Factor in State assets- sell the Turnpike and it is tough to say the State is bankrupt.
Tony the local pensions even with several years of missed payments are about 78% funded. 80% is considered adequate.
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