Posted on 06/30/2009 9:42:13 AM PDT by sdw2009
New Jersey Gov. Jon Corzine Monday signed a 2010 budget making his state the latest to squeeze the rich for extra cash.
(Excerpt) Read more at thedailycrux.com ...
Every person of means I know has either already moved out of new jersey or are setting up to move out within 5 years (by buying out of state property, etc., just waiting for kids to get past high school).
NJ will be left with virtually no upper middle to upper class, but still stuck with massive public programs and an insane pension obligation to the civil servants.
There is virtually no way out for NJ, the end is inevitable. Just a couple years behind california.
unfortunately there is always a way out, just like California is trying to do.... force (well not really force since Obama, Pelosi, Reid etc. are there) the federal government to bail them out for the failures of their socialist policies.
Guess NJ is being left to the union workers. lol, they’re getting what they deserve.
Just as one example, teachers can retire at 55 with 70% of their salary and full health care benefits for life. If you do the math, you’ll find that even adjusting for inflation many teachers make far more money after they retire than they ever did during their career. They can easily be retired 30 to 40 years while they only worked 20, and health care costs a lot more for a 70 year old than a 30 year old.
Estimates are that the structural deficit is already 4 billion per year for NJ, and what they are doing to close the gap this year consists largely of one-shot gimmicks. What happens next year or the year after that?
Yes a bailout is the only hope to avoid bankruptcy. Hyperinflation is just about guaranteed a few years from now with the printing presses rolling at hyperdrive speeds.
“Hyperinflation is just about guaranteed a few years from now with the printing presses rolling at hyperdrive speeds.”
And that’s how I’ll payoff my mortgage early. Hey, I gotta look for the silver lining in everything.
>>Every person of means I know has either already moved out of new jersey or are setting up to move out within 5 years (by buying out of state property, etc., just waiting for kids to get past high school).<<
You nailed it.
I have lived in the Seattle area since 1966. We are closing on our 13 acres and house in central Kentucky next month.
We’re empty nesters. :)
Teacher pension formula in The People’s Republic of New Jersey was years of service over 55. Last year it was changed BACK to years of service over 60 . In order to get a 70 % of salary pension you would have to teach for 42 years . Most teachers leave, frustrated , within the first 5 years , so the number that actually survive to 42 years is small . The health care program kicks in automatically at 25 years of service AND age 55.. Many teachers don’t make it that long either .
Some people make bad decisions in career moves . I can’t understand all the resentment of teachers(pay etc.) when everyone has a chance to become a teacher if they wanted to.Matter of fact many people laid off in the private sector are taking tha alternate route to teaching to secure a job .
Statistics say that within 10 years 50-60 % of teachers will retire . Lots of jobs gonna be out there for the taking . If you don’t pay according to the standard of living you are not going to get anyone in the classroom . It was so bad in Florida last year that some districts were hiring high school graduates as substitutes. Bet you wouldn’t want your senior in high school being taught by someone who graduated the year before from the same school .
its the past retirees who are the problem right now, not the future retirees who have the new formula (which is still quite lucrative).
the pension system in new jersey is driving the state bankrupt, plain and simple, no matter how you want to spin it.
as long as you have a fixed rate, yes, you win!
New Jersey ping *and* Atlas Shrugged ping
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