The fiscal future of New Jersey and Gov. Chris Christie’s presidential ambitions hang in the balance as Trenton finally faces the $104 billion deficit in the state’s retirement system.
“We need to fix this system or it will eat us alive,” the governor warns in a mock movie trailer that opened his “No Pain, No Gain” town hall meetings across the state.
One key is whether Christie and the Legislature can agree to plug costly loopholes and stop blatant abuses of public pensions. If not, many public officials will continue to gorge themselves at the public trough while others make sacrifices.
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2 comments:
Don't expect any compromise from those designated to receive said pensions.Locally unions convinced really high paid employees to refuse minor pay cuts and pension adjustments.As a result jobs were lost when businesses closed and any hope of a pension went down the drain.If for instance I was making $30 an hour,would it kill me to take a $5 an hour reduction? Not hardly,but hundreds of locals vehemently refused to take a reduction in ANYTHING.A state must be run somewhat like a corporation.10 years from now New Jerseyites will kick themselves for their inability to compromise.
The whole economy has to collapse.It cant' keep on running deficits like this and keep going.
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