This is so old news, I wonder if anyone cares. That news being state and local governments over promising on generous pensions and then not funding them. Perhaps the really bad news is that if these promises were funded, income and property taxes would be much higher … just what New Jersey, the highest taxed state in the union, needs👎 By not being required to immediately fund these promises based on actuarial standards, the promises and real costs are hidden from taxpayers and kicked down the road so the next person in charge can blame the predecessor.
Am I the only one outraged that taxpayers who have modest or no pensions, average household incomes, and who must fund all or substantially all of their retirement are paying taxes to support generous pensions and other benefits for government workers?
Christie, 51, says he’s paying for the decisions of past administrations that left the pension system underfunded by $52 billion. The alternative is to cut spending for schools, education and social programs, he said.
“We’re choosing to be responsible,” he told reporters in Trenton on May 20. “We are choosing to not put at risk those programs that I mentioned and those services that the people of the state rely upon, especially on such extraordinarily short notice.”
California’s Brown, a Democrat, this month proposed making school districts double their share of teacher pensions within seven years. In Illinois, which has the worst-funded pension system in the nation, lawmakers in December passed measures to help resolve a $100 billion unfunded liability. Public-worker unions filed a lawsuit on Jan. 28, alleging that the plan is unconstitutional. Their case is expected to reach the state Supreme Court.
Detroit’s Choice
Detroit, seeking to resolve its record $18 billion municipal bankruptcy, is including about 30,000 retirees and employees among the creditors voting on the fate of public pension payments. The choices for raising revenue include a taxpayer infusion of $195 million and the sale of a city art collection, including works by Picasso and Rembrandt, appraised by New York-based Christie’s Inc. for as much as $867 million.
Excerpt: Bloomberg.com May 28, 2014
For fiscal 2014 and 2015, Christie plans to pay $1.38 billion to the pensions, or $2.47 billion less than he promised. He signed an executive order giving himself permission to alter this year’s payment. He has said he will ask lawmakers to approve next year’s reduced contribution, and to pass more benefit changes. Democrats control the legislature.
Read another story HERE
QUINNSCOMMENTARY 
Dick, this is never old news and bears repeated mention and discussion. Actually this is probably my biggest concern and outrage on just about anything else discussed on this blog. Very timely as well having just discussed this issue with a life long close friend (and retired teacher). This guy by the way has only voted for one Republican in his entire life (former Governor Kane).
He is so Democrat, I believe if they could run Stalin….he would vote for him!
He currently is angry with Christie and cutbacks on col/ pension . He believes he is getting screwed. When told that most non- government types don’t get increases he did not believe it. You would think Christie was a “tea party man” or some constitutional conservative. Of course Christie is neither of these but about as close to getting a Republican in office as you might expect in the state of New Jersey.
And this will continue for the foreseeable future as long as the same politicians that hold office (either directly or indirectly) negotiate with government unions. Getting rid of government unions ( this would be my first Executive Order if I were President for a day) sounds harsh, a bit to draconian….I think not. Not when they are killing the goose that lays the golden eggs.
I would liken the employment system in Japan (which has also had to deal with the realities of global competition) with government/ civil service work…..although difficult to separate from private enterprise as the largest company s are state owned/sponsored.in Japan. In Japan un-employment was virtually non-existent….theirs was a system of lifetime employment ,very difficult to loose your job ….sound familiar?
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