Attention

The opinions expressed by columnists are their own and do not represent our advertisers

Saturday, November 26, 2016

How teachers unions drive Jersey’s pension crisis

‘Protecting and enhancing members’ pensions and benefits has been Job No. 1 for NJEA since 1896,” New Jersey Education Association President Joyce Powell said in 2006. And the NJEA has lived up to those words.

New Jersey has a severe pension crisis: Its unfunded pension liabilities are $95 billion. The state’s retiree health-care obligations add another $65 billion, for a total of $160 billion in unfunded liabilities (and this does not include another $40 billion for local government pensions). The entire state budget is $35 billion. New Jersey simply doesn’t have the money to pay for these pensions.

How did New Jersey get into this situation? The pension crisis is a direct consequence of NJEA’s enormous political power.

More

2 comments:

Anonymous said...

YEP!! Maryland has also handed down the pension liability onto each local County - just like New Jersey did. Maryland's corridor method was deemed 'Unsustainable' by the Maryland Legislative appointed special commission.

Yet - just like NJ - Maryland keeps ignoring the impending crisis - and so soon the grim reaper will unveil onto the taxpayers backs - just like in NJ.

Fact is - Maryland and NJ are mirror images of each other and both States failed to ignore the warning, even 10 years ago.

Anonymous said...

Promising a pension and then failing to fund it is criminal fraud.
Plain and simple.

Don't promise what you cannot deliver.
Those teachers took a job based on certain promises.
They were defrauded.