Gov. Christie: Not all pensions will be paid

Gov. Christie: Not all pensions will be paid

pension-red-inkChris Cristie is the governor of New Jersey. But he has given a wake-up call to all states with public pension problems, including California. The latest:

BELMAR, N.J. — Pension reform is going to involve breaking some promises, including reducing benefits that public employees were counting on for their retirement, Gov. Chris Christie acknowledgedduring a town hall event in Belmar Wednesday.

It was an exchange with Jean Toher, a technology teacher at at Shark River Hills Elementary in Neptune, that drew the governor into the heart of the pension debate that he has reignited in recent weeks.

“When I started working, I started at a salary of $12,800,” said Toher, who’s been paying into the pension system since 1980. “Part of the reason a lot of us accepted those low salaries all those years is because we had a benefit and we negotiated that benefit all those years.”

Christie, earlier invoked the D-word (“Detroit”) to demonstrate how dire the situation is, saying that he doubted taxes could raise enough revenue to cover the state’s future pension obligations. They must reduce benefits, he said.

“There’s a lot of emotion that goes along with this issue, but the facts are pretty simple,” he said. “The facts are that this pension will go bankrupt if we don’t make significant changes to it.”

In California, even Gov. Jerry Brown admits the state’s unfunded pension liability is $354 billion. The Legislative Analyst pegs it at $340 billion.

The market value of the assets of the California Public Employees Retirement System was $300 billion on July 31. But in April, CalPERS admitted it was 52 percent underfunded. It’s like a guy who owns a $1 million house saying he’s rich even though he owes $2 million in debt.

Recently, both Stockton and San Bernardino caved in to CalPERS pressure and took reducing pensions out of negotiations over the cities’ bankruptcy proceedings. But that’s just a stopgap. Vallejo did the same thing after its 2008 bankruptcy. But now it’s teetering on the brink of another bankruptcy. As CNN Money reported:

The California city of Vallejo emerged from bankruptcy just over two years ago, but it is still struggling to pay its bills.

The main culprit: Ballooning pension costs, which will hit more than $14 million this year, a nearly 40% increase from two years ago.

As a result, Vallejo continues to dole out large sums of money for retirees. Except for new hires, Vallejo’s police and firefighters can retire at age 50 with as much as 90% of their salary — for life. Public safety workers who retired in the last five years have average annual pensions of more than $101,000.

And the pension costs are expected to continue to rise, with a projected increase of up to 42% over the next five years.

Christie is right — for the Garden State and for the Golden State. The pensions will not be paid in full.

 

46 comments

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  1. samcollins
    samcollins 3 August, 2014, 20:15

    Yup. My generation will fix this. An unbiased panel of people under 30 will decide who gets their meds. The pharmacist will see a message on computer, “Do not fill, current age 67, retired fireman, Do not fill per regulatory authority of ACA. Next case…Retired water department employee. current age 70, you got to be kidding. How did this person get to this point and get meds? Prescribe 10 grams of sodium twice a day, that should correct the situation. Thank-you ACA.

    Reply this comment
    • Bill Gore
      Bill Gore 4 August, 2014, 07:53

      Generational payback brought on by the epic selfishness of the radically entitled baby boomer generation, who have been self-righteously eating the seed corn and burning the family furniture since at least Woodstock. A sickening bunch of spoied brats. When younger folks wake up to whats been done to them, they are going to be mighty pissed…

      Reply this comment
      • Donkey
        Donkey 4 August, 2014, 16:22

        And they should be “pissed” Bill, and they should be relieved of any pension to a RAGWUS feeder of over $50,000 a year, with all spiking and add-ons removed, with no COLA’s. 🙂

        Reply this comment
  2. T Mind of Ted Your God
    T Mind of Ted Your God 4 August, 2014, 09:33

    Bill– 2 points–

    1. All boomers a “sickening bunch of entitled brats”?….hmmm……the same of course could be said about all following generations of course, there ar so many examples—so—–THAT is mere hyperbole.

    2. When ANY future generation, ANY future party to a contract, ANY disgruntled former this or that, etc, comes to the crossroads of deciding whether or not to honor extant legal and social obligations—- luckily they will also come to the ethos of the rule of law, which will help them through their decision making process.

    I remain sanquine.

    Reply this comment
    • Donkey
      Donkey 4 August, 2014, 16:19

      “Rule of Law,” you phony charlatan!! Your RAGWUS has used the law in an evil manner to steal much more than any feeder is worth. You could care less about moral law. Your only goal was to us the law to steal legally and then claim you have done nothing wrong, liar!! 🙂

      Reply this comment
      • T Mind of Ted Your God
        T Mind of Ted Your God 5 August, 2014, 08:11

        Curses!
        Foiled again!
        Are you taking ALL of your meds little buddy?

        Reply this comment
        • Donkey
          Donkey 5 August, 2014, 08:25

          Steal what you can, while you can TCS, it is clear you have no shame, the RAGWUS has Pavlovized your simple little mind into the automaton you project.

          In the end you will be wailing, “I was promised,” as the bars are slammed behind you my RAGWUS feeding crook. 🙂

          Reply this comment
          • NTHEOC
            NTHEOC 5 August, 2014, 12:53

            Donkey says,
            In the end you will be wailing, “I was promised,” as the bars are slammed behind you my RAGWUS feeding crook.
            ——————————————
            Your FBI son better have his soap on a rope!!!

          • Donkey
            Donkey 5 August, 2014, 15:01

            My Son, unlike your RAGWUS feeding coward of a pops, would destroy most anyone he grapples with, short of a 12th degree master in Ju-Jits my cowardly ntheoc!! 🙂

          • NTHEOC
            NTHEOC 5 August, 2014, 17:12

            I have no problem believing your son is a good FBI agent. My problem is that YOU think he is a govt employee leach stealing from the taxpayers! As for my coward of a pops, I guess that’s your opinion of a Vietnam veteran and 32 year career firefighter.

          • Donkey
            Donkey 5 August, 2014, 18:01

            You left out that your pops has an idiot for a son ntheoc.
            And my Son doesn’t work for the local RAGWUS that is stealing from the cities, counties, and state, you and your pops do, did, and are!!! 🙂

          • NTHEOC
            NTHEOC 5 August, 2014, 18:41

            I would be surprised if your son even talks to you since the FBI classifies Sovereign Citizens as a domestic terror threat!

          • Donkey
            Donkey 6 August, 2014, 20:01

            You had better watch the accusations you post ntheoc, because alluding that I am a terrorist because I find the RAGWUS you dwell in disgusting is not the same train of thought and has the potential of getting you in a lawsuit. I have already copied your post and will be sending it to my lawyer. 🙂

  3. Queeg
    Queeg 4 August, 2014, 21:52

    The Ragnottus are simple, humble public servants and loved by millions of Californians!

    Reply this comment
  4. Bill Gore
    Bill Gore 4 August, 2014, 22:31

    Gazing deeply into the crystal ball, I see Carlos Castaneda-er, no wait, I see Death Panels staffed by really pissed off 20 and 30-somethings, giving thumbs down on every obese diabetic aged baby boomer demanding yet another face lift, tummy tuck and penis implant. I see government retirees wailing against the horror and injustice of it all, after all they were PROMISED it in writing, and such promises must be honored by their grandchildren who are 35 and stuck in barista jobs since the baby boomer controlled federal government allowed corporations to meet their staffing needs with slave H1B visa foreigners. I see the ‘rule of law’ enforced by a profession for whom the adjective ‘vulpine’ seems insufficient-and unfair to vultures-who are actually very straightforward creatures that fill a vital role in the web of life….

    Reply this comment
    • T Mind of Ted Your God
      T Mind of Ted Your God 5 August, 2014, 08:15

      LOL BiLLY !

      Nice doomer RURG on your post— you fit right in here!

      I see doomers who never had jobs or ever planned for their retirements asking for my COSTCO ID ™….oh no…..wait….it’s Billy Gore!

      Reply this comment
      • NTHEOC
        NTHEOC 5 August, 2014, 08:21

        What’s a RURG? I know it’s a doomer term but what’s it stand for.

        Reply this comment
        • Donkey
          Donkey 5 August, 2014, 08:27

          It’s an acronym you RAGWUS feeding fool!!! It means “ntheoc has no shame when it comes to stealing from the taxpayers.” 🙂

          Reply this comment
        • Skippingdog
          Skippingdog 5 August, 2014, 09:27

          RURG = Random Unhinged Rant Generator

          Reply this comment
          • Donkey
            Donkey 5 August, 2014, 12:31

            It’s what I posted and then some: Rotten Union Run Govovernemnt, Real Union Run Gang, and Skdope favorite: Ruthless Union Running Raunchy Governemnt. 🙂

          • NTHEOC
            NTHEOC 5 August, 2014, 13:00

            Firefighter Appreciation Night at Dodger Stadium
            Firefighters and their families will be honored August 19th when the L.A. Dodgers battle the San Diego Padres on Firefighter Appreciation Night at Dodger Stadium. Special firefighter ticket packages are available, which include ticket, t-shirt and special pre-game party.
            —————————————————–
            Care to join us Donkey?? I’ll get you a cool t-shirt!!

          • Donkey
            Donkey 5 August, 2014, 14:58

            I don’t hang with thieves and liars ntheoc that pose as decent humans while stealing from their neighbors. 🙂

          • T Mind of Ted Your God
            T Mind of Ted Your God 7 August, 2014, 10:32

            What about YOUR kids Duncey, who are they stealing from?

            Or are you “special”?

          • Donkey
            Donkey 9 August, 2014, 16:15

            I hope it is from you my RAGWUS feeding fowl. 🙂

          • T Mind of Ted Your God
            T Mind of Ted Your God 9 August, 2014, 18:34

            LOL so I guess you ad it it? Your kids are stealing!

            LMAO !

          • T Mind of Ted Your God
            T Mind of Ted Your God 9 August, 2014, 18:43

            Duncey– We all know that your kids work hard for their dough…..why can’t you admit that others might as well???? Seems kinda one sided to the great Ted.

  5. Queeg
    Queeg 5 August, 2014, 08:01

    The globalists understand baby boomers love all those “services” the slave masters dish out!

    Reply this comment
  6. NTHEOC
    NTHEOC 5 August, 2014, 09:26

    VENTURA, Calif. – A judge Monday ordered an initiative that would phase out the county pension system off the November ballot.
    Ventura County Superior Court Judge Kent Kellegrew found the measure proposed by leaders of the Ventura County Taxpayers Association could not legally be used to withdraw from a statewide retirement system the county joined in the mid-1940s.
    ——————————————
    Back to your Bunkers doomers, time to regroup!!! Lol

    Reply this comment
    • Skippingdog
      Skippingdog 5 August, 2014, 09:28

      This will have them all fired up for the rest of the week. Excellent news!

      Reply this comment
      • Donkey
        Donkey 5 August, 2014, 12:23

        Skdope, you just don’t get it!! We are warning you and you think it’s a game, in the end you will lose it all! You RAGWUs feeders are like feral children. 🙂

        Reply this comment
        • T Mind of Ted Your God
          T Mind of Ted Your God 6 August, 2014, 07:02

          Poor Duncey— COMPLETELY unhinged— off his meds

          hot in the trailer
          TV broken
          rant spital flying about
          angry about his sad life
          broke

          well…..here’s a haiku for ya little buddy– hope it helps–

          Duncey ranting on
          alone in trailer dreaming
          off his meds RURGING

          Reply this comment
      • T Mind of Ted Your God
        T Mind of Ted Your God 6 August, 2014, 07:06

        The rule of law— the enemy of the Doomer.

        Reply this comment
  7. Donkey
    Donkey 5 August, 2014, 15:05

    See the stock market falling today. All the money that was used for investment is now being funneled to RAGWUS stooges, the collapse will end the feeders charade. 🙂

    Reply this comment
  8. Ulysses Uhaul
    Ulysses Uhaul 5 August, 2014, 21:20

    Don’t read this guy’s deranged stuff…..government workers are the fragile link holding civilization together….

    Reply this comment
  9. wesmouch
    wesmouch 6 August, 2014, 03:52

    In 1980 the average salary was $16,534. Teachers work 70% time so 0.7 x $12800 is $11,573 so you were paid more than the average US salary as a STARTING wage. It is sad that teachers know no math. The fact is that teachers are grossly overpaid. Their high salaries and pensions are due to payoffs by politicians in return for Union dues that help elect them The guy who should be crying is the taxpayer who has had to fund your highlife

    Reply this comment
  10. SeeSaw
    SeeSaw 6 August, 2014, 08:48

    That is the craziest statement I ever heard, wesmouch! If there is any vocation you should respect, it is that of teachers–compared with the amount of education teachers are required to get, they are paid very low, compared to professionals in other vocations. If you happen to be producing or selling a product, you need union people to buy your product. Those people, you and me, and everyone else are all taxpayers and we all support each other! You can choose to keep your membership in the “grouches” club or you can become a human being too.

    Reply this comment
  11. T Mind of Ted Your God
    T Mind of Ted Your God 8 August, 2014, 07:37

    I would say that teaching is a profession not a vocation- I have no problem paying them what they are worth— which, given their mission of educating our society, is important.

    I bet alot of these doomers are lousy tippers.

    Reply this comment
    • Donkey
      Donkey 9 August, 2014, 16:19

      TCS, you believe every RAGWUS position is a “profession,” which makes him clown of the year!! 🙂

      Reply this comment
  12. T Mind of Ted Your God
    T Mind of Ted Your God 9 August, 2014, 18:33

    A paid occupation requiring higher education and formal credentials— teaching is a profession little buddy.
    Unlike what you did before you were fired last time.

    lol
    just that easy!

    Reply this comment
  13. Donkey
    Donkey 10 August, 2014, 11:48

    Frank Zappa on schools: “If you want to get laid, go to college. If you want an education, go to the library.” The current collection of state run schools is pathetic. 🙂

    Reply this comment

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