NJ Unions in Court Fighting Pension Cuts.

[Anarchist420]

How much damage could Katrina have possibly done to NJ???

It may have been Al Gore rather than Katrina

 

[Mai72]

I read that article and it's mostly partisan bullshit. The money to fund these things has to come from somewhere. If there is a serious budget shortfall, choices have to be made on what needs cut. The democrat's proposal to close the shortfall with a new millionaire tax is also complete bullshit, that's just not going to fly, and even if it did, it would not close the gap.



The governor can cut taxes without the legislature? I always thought tax law would need to be changed by the legislature?



Katrina money?

I understand, you have an irrational hate for republicans. Maybe it's deserved, maybe it's not, but your irrational blaming of one party is part of the problem, it accomplishes nothing.

It's because no one wants to pay the piper. They want to keep everything the same and they don't want to pay for it.

Let someone else pay for it.

 

[Double Trouble]

It's because no one wants to pay the piper. They want to keep everything the same and they don't want to pay for it.

Let someone else pay for it.

Exactly, at it's true at every level of government, from local to federal. We want government to do all sorts of stuff, but we don't want to pay for it. We need to change what we want, pay more, or both. We're just kicking the can down the road for future generations to deal with it, and that's irresponsible.

 

[ivwshane]

How much damage could Katrina have possibly done to NJ???

Lol! You know what I meant. I'm on the west coast I can't be bothered to keep the names of hurricanes straight

 

[fskimospy]

How much damage could Katrina have possibly done to NJ???

Christie has done a great job of talking a good game and then going back on his promises. He's basically a big bag of hot air.

While it's true that he should be faulted for breaking his promises on pension funding he is hardly alone in that. Although pensions are fundamentally superior in design to 401(k) in terms of $ in to $ out, they are vulnerable to mismanagement like this. While there are plenty of well managed pension funds, there are also plenty of funds where politicians decided to adopt rosy growth predictions instead of acting responsibly.

 

[shady28]

So what happens to the people who have put into their pensions? Are they able to collect anything? Are they screwed? Is it another Detroit? Do they raise taxes?

What's the solution?

Ultimately these states like CA,NJ, and IL will have some incredibly hard choices to make because of their corrupt politicians. Having a pension plan like IL that's 45% funded is truly criminal.

This is what they should have done a long time ago, but it doesn't buy votes in the short term :


http://www.politifact.com/wisconsin...-says-wisconsins-pension-system-only-one-cou/


"In 2011, much attention centered on the mandate by Walker and the Republican-controlled Legislature that most public employees pay a larger share of their pension costs. "

...

"Walker was comparing Wisconsin’s fiscal condition to that of California and of his standard punching bag, Illinois, which raised taxes to close a budget gap.

"They have a pension system that’s not even halfway funded," Walker said of the Land of Lincoln. "Now, in contrast, in our state, our pension system is the only one in the country (that’s) 100 percent funded."

...
"We rate Walker’s statement True."