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So what? Christi 2.0 doesn't get a chance to screw it up some more.
I'm sure Goldman Sachs Millionaire and Corzine 2.0 will screw it up more.
Quote:
Originally Posted by GiantRutgersfan
Yes, it’s quite a mess and has been for a long time.
My prediction is Murphy increases contributions in an attempt to make it work. Gains ground, but does not get there. Next governor moves new hires (or those with only a few years experience) into a hybrid system. COLA is probably gone for good.
I would make sure you have some type of secondary retirement investment if you plan on retiring with a public pension from the state of NJ in the future.
I think you have sound advice. The current pension and health benefits system is unsustainable and the longer we keep the current system in place, the worse the problem gets. We need to do what was discussed in the last paragraph of the article I posted.
Quote:
Originally Posted by Kracer
Every new NJ governor has faced NJ's legacy fiscal nightmare.
Murphy was just given cover by the media so results of his policies will not look so pathetic and have a scapegoat to use for the next election.
Too bad after all these decades, and despite the election of Biden/obama/hillary proclaimed financial guru, Jon Corzine, Nj taxpayers actually live the nightmare carefully nurtured by both parties.
from 1960 to 2001, nj's annual state budget went from 590 million to 24 billion.
Nj population
1960 -6.07 million budget 590 million
2001 - 8.49 million 24 billion
2016 - 8.94 39 billion
A quick glance at the population vs budget suggests something is askew.
Every administration used creative accounting to market an improved budget. Every successive administration has accused the previous administration of using creative accounting.
NJ has been in a state of chronic financial crisis for decades. Murphy is not a victim of the previous administration, Murphy will join a long line of governors who will accomplish nothing at increased taxpayer expense.
And the larger part of the electorate will rejoice our support of a continued disastrous economic legacy. Foolishly will take pride in partisan games that blame the opposition.
I appreciate the fact that you did research on this. Furthermore, I agree with you. As a registered Republican, I was disappointed when the establishment-wing of my party, led by Governor Christie, supported skipping partial payments. Christie Whitman skipped partial payments, Governors Difrancesco and McGreevy skipped entire payments, and then Governors Corzine and Christie skipped partial payments again. Clearly, both parties are to blame for the pension and health benefits mess.
That said, the Democrats are primarily to blame for the lack of affordability and economic growth in our state. When the GOP controlled the legislature in the 1990s, they cut income taxes by 30% across-the-board and Governor Whitman signed $1 billion in direct property tax relief (note: the state doesn't levy property taxes, but they collect revenues generated from local property taxes). Whitman left office with a $1 billion budget surplus. Yes, the technology bubble of the 1990s contributed to the surplus, but Governor Whitman didn't spend the surplus as many on the left would. Furthermore, despite a national recovery in 2003 and 2004, New Jersey didn't prosper under Democratic rule. The Democrats increases taxes & fees over 110 times and thanks to their policies, property taxes increased by an average of 7% annually between in the years before Chris Christie became Governor.
Personally, I believe Governor Christie squandered an opportunity to make this state more affordable. He could have defied the Abbott decision and refused to sign budgets that allocated school funding the way it's been allocated in recent decades. This would have either forced a government shutdown which he could factually blame on the Democrats or forced the Democrats to agree to school funding reform. The Governor should have pledged not to increase the state budget above the levels he set out during his first year in office instead of increasing spending every year.
The bottom line is, you are right. A majority of the electorate will continue to embrace failed policies. The reason is, the Republicans haven't given them a reason to vote for them as opposed to simply opposing the Democrats. I voted Republican in this election to oppose Phil Murphy's radical socialist agenda. But many of the Republicans in Trenton are not much better than the Democrats. There are Republicans in Trenton who supported the gas tax, corporate welfare, and skipping partial pension payments.
States like NJ, NY, CA, IL etc are under siege by Public Sector employee UNION PENSIONS which include salaries, and benefits for LIFE. They keep kicking the can down the road in the hope of a Fed bailout where other states (people) pay for their fiscal irresponsibility buying votes and union campaign support. Most cities are in the SAME PREDICAMENT.
Educate yourself.
NY's pension system doesn't belong in that group you mentioned. It's well-funded, and isn't "kicking the can down the road," although unions DID dig their heels with respect to changing benefits for NEW employees--which happened, anyway. Sadly, and thanks to them, savings to taxpayers were delayed for decades.
Last edited by Delahanty; 01-06-2018 at 01:49 PM..
More kicking the can. The only way to save NJ is improve it's cost of living and by being business friendly. NJ cannot afford to squeeze businesses out and over tax the middle class anymore. Soon there will be no businesses and the middle class leaves and would rather live in overpriced NYC than overtaxed NJ.
NY's pension system doesn't belong in that group you mentioned. It's well-funded, and isn't "kicking the can down the road," although unions DID dig their heels with respect to changing benefits for NEW employees--which happened, anyway. Sadly, and thanks to them, savings to taxpayers were delayed for decades.
That is true plus the NY pension is better in terms of benefits and contributions by the employee than New Jerseys
I'm sure Goldman Sachs Millionaire and Corzine 2.0 will screw it up more.
Doubt he can do worse. H came right out and said what he will do and NJ elected him anyway,your candidate openly lied to all NJ voters and they rewarded her with a resounding NO CONFIDENCE vote.You keep crying about Murphy and he isn't even in office yet. You have become "chicken little" sorry to say .Face it Kim got caught lying and she is going to pay for it like the rest of NJ has had to pay for what her boss has done.
Doubt he can do worse. H came right out and said what he will do and NJ elected him anyway,your candidate openly lied to all NJ voters and they rewarded her with a resounding NO CONFIDENCE vote.You keep crying about Murphy and he isn't even in office yet. You have become "chicken little" sorry to say .Face it Kim got caught lying and she is going to pay for it like the rest of NJ has had to pay for what her boss has done.
Murphy ran on a campaign of increasing NJ taxes by 1.4 billion dollars. Makes sense to me, when you run out of money, just raise taxes. The voters approved that plan, what's the problem?
Doubt he can do worse. H came right out and said what he will do and NJ elected him anyway,your candidate openly lied to all NJ voters and they rewarded her with a resounding NO CONFIDENCE vote.You keep crying about Murphy and he isn't even in office yet. You have become "chicken little" sorry to say .Face it Kim got caught lying and she is going to pay for it like the rest of NJ has had to pay for what her boss has done.
Thread fail.
This is what America said to you and those who agree with you in the elections of 2010, 2014, and 2016. You are just struggling to hang onto reality.
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