one day after the district paid a $634 million pension bill officials said it couldn’t afford.
You can’t afford not to also as it will just grow. You need to pay your bills or you will be worse off. These government officials have no responsibilities to their debts. He was probably hoping to pass it along to the next person. As things go, the only ones in America that will be well off are the postal service who has been extremely responsible by ensuring that their workers are taken care of 75 years from now. Too bad everyone doesn’t do this.
Are you drinking?
The dirty secret is that half of the government employees would be laid off today if their retirement benefits had to be funded as they worked; those future costs are killing NJ, and nobody in their right mind would open a business or build a new home here. You would just be buying into a massive IOU; just as retiree costs make it difficult for American car companies to compete with foreign car-makers, being burdened with the costs (present and future - they just want the focus on the short-term present salaries) of our workfare workforce make some states much less attractive than others.