Posted on 08/30/2019 9:14:51 AM PDT by GuavaCheesePuff
he money is going to pensions and health care.”
The comments underscore the persistent fiscal pressure on New Jersey, a high-tax state contending with massive debts to employee pension funds after years of failing to set aside enough to cover the $212 billion of benefits that have been promised.
(Excerpt) Read more at savejersey.com ...
One thing’s for sure: the people who ran up the debt aren’t suffering.
New Jersey just has to hold out until there’s another Democrat president. Then there’ll be a federal bailout, you betcha.
That’s unimaginable for a pension deficit to have built up to that amount
Tow NJ out to sea and sink it.
Unions collaborating with corrupt politicians can bankrupt anything.
the problem is not “not setting enough money aside” but rather allowing these scoundrel public unions to demand and get such extravagant pensions in the first place.......401’s are good enough for the rest of us but not for the state worker class...teachers,cops, etc....
I’m sure the money paid in went ... somewhere. The mob, politicians ... somewhere.
And then there’s intentional overpromising benefits for votes.
The retirees need to get a haircut.
Congress is full of Keystone Keynesians who think bad times demand more spending and good times are an opportunity for more spending ... the whole nation is the collapse of the Petrodollar away from ruin now that the cancer that started growing with FDR has fully metastasized,
Not just New Jersey.
Every state is going to go belly up. My SIL mother is a retired teacher and makes $92k in retirement due to Cola increases every year. She has been retired since 1996
MY wifes relatives are all firefighters. Moast are at $75-80k per year in retirement and many retired at age 55.
The coward Parkland cop retired on $108k per year.
This cannot go on.
Gov’t employees are going to have to work until age 65 like all the rest of us and get rid of their cushy pensions and be on SS like the rest of us.
Democrats have enjoyed complete, hegemonic control of New Jersey state government for fifteen years
Socialism is Legal Plunder. - Frederic Bastiat (1801-1850)
Did Jersians go to school?
I know that you are correct, NJ is just the worst state.
Of course not, these pensions are unrealistic, they should be cut in half for starters.
It's crazy up there. You have janitors that pushed a broom around the state house getting $70,000 a year pensions for life. Some people in other positions are getting $350,000 a year for life.
Which angers me because I struggled all my life to fund my own retirement and I need to get my 401(k) into 7 digits just to get $40,000 a year (based on 4% annual withdrawals). I'll get there but only because I've been putting 15% of my income into it for these past 30 years.
Remember, it's us taxpayers that are funding the lucrative retirements for these civil employees. Then we have to figure out how to fund our own.
I’m not sure I pity them even a bit. At some point it would have been obvious what these sweet deals were, ripping off the taxpayers at a minimum, even if they could delude themselves to think it was sustainable.
Cut them all off and let God sort them out.
Exactly, they have no clue how hard it is to EARN $40,000 a year based on a lifetime of savings. The math doesn't work.
Betcha Illinois goes belly up first.
California is big enough that it can be even more Stupid.
The beautiful thing about small States, population and not just size, is that they lack the wherewithal to be as extravagantly Stupid as big States can try. They run out of oomph sooner just as poor States cannot afford to be as Stupid as rich too often try to be.
And even the big or rich States individually lack the capacity to be as extravagantly Stupid as the federal has and will yet display as progressivism rots out what sanity remains.
But back to States, so far the idiots on the Left haven’t been able to make Texas an up and falling California ... but they keep trying.
Socialists at the turn of the 20th: “We can make this work!”
Socialists during the middle 20th:
Choice 1: “We can’t make this work just yet though.”
Choice 2: “What’s a few thousand mass graves and slave camps compared to making it work?”
Socialist at the end of the 20th: “This wasn’t working.”
Exception, Venezuela: “Wheeeee! We’re a rich nation, so we can make this work!”
Socialists early in the 21st: “This time we can make this work, only with population replacement and political correctness. (Pay no attention to Venezuela behind the curtain)”
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