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My question though is...How is the state going to fund the pension fund and other costs the state have while making it desirable for younger folks to stay in the state? Basically how do we placate past while building the future?
That's a NJ problem.
Pension funds were fully funded; most states, I'm not making this assertion of NJ actions, spent their fully funded pension money on other things.
Should people who gave their lives/careers to support a state be forced into poverty because of mismanagement?
Location: Sitting on a bar stool. Guinness in hand.
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Quote:
Originally Posted by chielgirl
That's a NJ problem.
Pension funds were fully funded; most states, I'm not making this assertion of NJ actions, spent their fully funded pension money on other things.
Should people who gave their lives/careers to support a state be forced into poverty because of mismanagement?
But here's the catch 22. Ok I'm a young person looking to start a career and family. I'm looking to move/live in a state that is desirable for those things. Well if I look at NJ ..........I don't see a state that I can do that. So I'm not going to come/stay there. This in turn erodes the tax base of NJ so the state has less and less to drawn on in terms of money. Eventually...even if the state want to pay it retirees it may not be able to cover the cost in the end and basically NJ renege on it responsibility. Not because it wants to but because it has to. In other words it a lose lose for everyone in NJ.
Of course business are looking at this as well and if they don't come because the general climate is bad that even a bigger tax lose at the end of the day. So again what is a NJ (or any state for that matter suppose to do?)
renege? (then the muni-bond market in NJ goes to $h!T)
Beg for a bail out by the fed? (again then the muni-bond market in NJ goes to $h!T)
renegotiate? maybe that the route that has to be taken.
This is going to be a extremely tough issue coming up in the nearer future here in NJ and in some other states. I just wonder who is going to lose the most.
I like how Reagan dealt with the air controllers union!!!
Yeah, that was my first thought.
You would think Police and Firemen are the 2 most important jobs around, and yet these officials in these office jobs that are probably making 5 times as much as the Firemen, and do squat....they are still employed.
But here's the catch 22. Ok I'm a young person looking to start a career and family. I'm looking to move/live in a state that is desirable for those things. Well if I look at NJ ..........I don't see a state that I can do that. So I'm not going to come/stay there. This in turn erodes the tax base of NJ so the state has less and less to drawn on in terms of money. Eventually...even if the state want to pay it retirees it may not be able to cover the cost in the end and basically NJ renege on it responsibility. Not because it wants to but because it has to. In other words it a lose lose for everyone in NJ.
Of course business are looking at this as well and if they don't come because the general climate is bad that even a bigger tax lose at the end of the day. So again what is a NJ (or any state for that matter suppose to do?)
renege? (then the muni-bond market in NJ goes to $h!T)
Beg for a bail out by the fed? (again then the muni-bond market in NJ goes to $h!T)
renegotiate? maybe that the route that has to be taken.
This is going to be a extremely tough issue coming up in the nearer future here in NJ and in some other states. I just wonder who is going to lose the most.
I agree, it is a tough issue.
But why should people who worked for 3, 4 or 5 decades be made to live in poverty when they had a contract with the state?
What do you want to? Fulfill your contractual obligations or push these people out the door in poverty? They're not going away.
Like most issues, it's complex, but it's not fair to push people out without their retirement.
Should subsequent retirement packages be more moderate? Probably.
The feds have done that over the years by changing retirement plans. The state should, as well.
Yeah, that was my first thought.
You would think Police and Firemen are the 2 most important jobs around, and yet these officials in these office jobs that are probably making 5 times as much as the Firemen, and do squat....they are still employed.
Something is very wrong in this Country.
Do you have anything but your opinion to back up your assertions?
If so, please present some links.
Your post is simply demonizing bureaucrats that you don't like for your judgment call that a different group is better.
Quote:
Originally Posted by nightcrawler
and what is our president doing for us?
NOTHING
Isn't this a state issue? You know, states rights and all.
That's a NJ problem.
Pension funds were fully funded; most states, I'm not making this assertion of NJ actions, spent their fully funded pension money on other things.
Should people who gave their lives/careers to support a state be forced into poverty because of mismanagement?
Doesn't the same thing happen in private industry all the time?
All political moves and if you knew anything about Camden and the people who run it its all about reelection and blaming other people in the process.
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