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Re: Bloomberg: Collapse of Public Pensions
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Yvonne wrote:
Murphy cut the Homestead Rebate Programs that helps seniors with taxes and use that money for state workers raises. It is another example of robbing Peter to pay Paul


He did?! What a dick move.

Posted on: 5/3 19:50
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Re: Bloomberg: Collapse of Public Pensions
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Murphy cut the Homestead Rebate Programs that helps seniors with taxes and use that money for state workers raises. It is another example of robbing Peter to pay Paul

Posted on: 5/3 16:23
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Re: Bloomberg: Collapse of Public Pensions
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https://burypensions.wordpress.com/201 ... istie-waffles/#more-12214

From the link:

One of Chris Christie’s first actions as governor was to give himself breathing room on the budget by declining to make a $3.1 billion ‘required’ contribution to the New Jersey retirement system. You can do that in New Jersey and the courts are behind you all the way.

Phil Murphy’s first budget includes a $3.2 billion pension payment…..for now. The Record and NorthJersey.com interviewed Phil Murphy for half-an-hour last Thursday for a story and this is what they got out of him on pensions.

Even if Murphy gets the budget he has presented, he’ll be faced in future years with rising costs to pay into public employee pensions. The systems was underfunded for years by governors of both parties, and as a result New Jersey has the worst-funded system in the country. And despite health benefit and pension reforms by Christie and Democrats early in his tenure, the pension fund has such mounting cost that it threatens to consume an unsustainable amount of the budget.

Murphy, who once led a commission focused on pension and health benefits, has earmarked $3.2 billion for the fund in the upcoming year, a record amount consistent with a ramp-up plan set by Christie.

Murphy has acknowledged the need for further reforms, but said throughout his campaign that the state must live up to its end of the bargain. Even though Christie paid a cumulative record amount in to the pension fund, he still slashed the state’s obligation during lean budget years.

Murphy said his answer “has not changed” from the campaign, though. The state must show “over the longer arc of history” that it is meeting its financial obligations to retirees.

“I don’t mean tied to any particular contract or this particular budget. And so that’s where I’ve been and that’s where I continue to be,” Murphy said.

Reading that last sentence over a few times makes me think that someone has been doing a little too much research on legalizing marijuana for recreational use. What do you think?

Posted on: 5/2 21:14
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Re: Bloomberg: Collapse of Public Pensions
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He's only been office for a little over 100 days at this point, but so far so good. He's looking to raise revenue. As the original article points out, the pension shortfall doesn't have to be made up all at once, and if he can get some more revenue in he can start the process of building up the necessary funding. I'm not saying it's a done deal or that things can't get waylaid by other promises, but he is willing to raise taxes to get the revenue needed to start along the path.

His more flashy programs are requiring equal pay and family leave, and legalization of pot. Those don't require direct expenditures. We can debate over whether the former will constrict businesses in a way that lowers taxes, or whether it will allow for greater productivity. The latter, if approved, will bring in more revenue.

I have said elsewhere I want Murphy to be a relatively boring Governor. So far, so good.

Posted on: 5/2 18:40
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Re: Bloomberg: Collapse of Public Pensions
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Murphy's primary platform as it related to spending was 1) fund the pensions, 2) fund the school formula, and 3) fix NJ Transit.


Realistically, in this election year Murphy could have run on a platform of roasted puppies for everyone and gotten elected over Guadagno. I'm saying this was an outlier. Had it been a year where Republicans could make their usual budget lies seem credible, Murphy might have had to tap dance more.

Posted on: 5/2 18:15
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Re: Bloomberg: Collapse of Public Pensions
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Can anyone shed light on what this site is? Is it really Bloomberg news or is it some "fake news" type of site?

Posted on: 5/2 16:22
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Re: Bloomberg: Collapse of Public Pensions
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brewster wrote:
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hero69 wrote:
perhaps the state should use a part of super high taxes on legal marijuana to reduce its unfunded pension liability.


No one can get elected on a platform of "funding pension liabilities"., At least not yet, not till someone actually gets a short check. It's just not sexy nor meaningful to low info voters, just like no one gets elected for vowing to "maintain the infrastructure". "Free goodies" and shiny new stuff is so much better.


Murphy's primary platform as it related to spending was 1) fund the pensions, 2) fund the school formula, and 3) fix NJ Transit. He's thrown community college on top of that, which I think should wait.

It could be that Murphy feels that he will need to add some sizzle to his programs, but his campaign was relatively practical and even bland (which in our case, I think is good).

Posted on: 5/2 12:22
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Re: Bloomberg: Collapse of Public Pensions
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MDM wrote:
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hero69 wrote:
perhaps the state should use a part of super high taxes on legal marijuana to reduce its unfunded pension liability.


If taxes reach confiscatory levels, users will just buy via the black market. This has already happened with cigarettes.

It's too late for the pension plans. The time to fix it was 20+ years ago. Sweeney, to his credit, has been trying to get the state to fix the issue clear back in 2005. I think he even hinted at moving new state employees to a 401k type defined contribution plan. The unions took him to the woodshed over that proposal.

Spot On !
It is inevitable. I don't want to be here to bear witness to the Implosion.

Posted on: 5/1 18:20
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Re: Bloomberg: Collapse of Public Pensions
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hero69 wrote:
perhaps the state should use a part of super high taxes on legal marijuana to reduce its unfunded pension liability.


If taxes reach confiscatory levels, users will just buy via the black market. This has already happened with cigarettes.

It's too late for the pension plans. The time to fix it was 20+ years ago. Sweeney, to his credit, has been trying to get the state to fix the issue clear back in 2005. I think he even hinted at moving new state employees to a 401k type defined contribution plan. The unions took him to the woodshed over that proposal.

Posted on: 4/19 16:15
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Re: Bloomberg: Collapse of Public Pensions
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Actually many Democratic public employees said they voted for Christie to fix the pension problem. He did not, he did stop the cola increases and shed 8,000 jobs. Many jobs left NJ turning his turn so maybe that is why it was not fixed. But it is the reason why our rating is so poor, so financing bonds now cost more.

Posted on: 4/19 16:00
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Re: Bloomberg: Collapse of Public Pensions
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hero69 wrote:
perhaps the state should use a part of super high taxes on legal marijuana to reduce its unfunded pension liability.


No one can get elected on a platform of "funding pension liabilities"., At least not yet, not till someone actually gets a short check. It's just not sexy nor meaningful to low info voters, just like no one gets elected for vowing to "maintain the infrastructure". "Free goodies" and shiny new stuff is so much better.

Posted on: 4/19 14:18
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Re: Bloomberg: Collapse of Public Pensions
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perhaps the state should use a part of super high taxes on legal marijuana to reduce its unfunded pension liability.

Posted on: 4/19 14:11
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Re: Bloomberg: Collapse of Public Pensions
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I cannot understand why politicians for the last 20 years are ignoring this problem. Instead of fixing it they instead create new programs that must be funded. In this case, Murphy wants tuition free community colleges.

Posted on: 4/19 13:06
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Re: Bloomberg: Collapse of Public Pensions
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but dude, the market is ready to fly. Quit being such a bean counter...

Sadly today's young public servants will get the bad end of this fiasco...

Posted on: 4/19 12:47
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Bloomberg: Collapse of Public Pensions
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NJ leading the way...

https://www.bloombergquint.com/view/20 ... longer-a-distant-prospect

New Jersey has $78 billion in its state pension fund, which is supposed to cover future payments with a present value of $280 billion. But that latter number is a projection. You can ignore it if you wish, or hope that soaring investment returns or a pandemic among retired workers will fix it. A more certain figure is that the $78 billion represents less than seven years of required cash payments.

If we extrapolate from the past, rather than use promises in the state budget, current employees plus the state will contribute about $25 billion over those seven years, which could provide another few years before the till is empty. But it will also add around $60 billion of future liabilities to current employees. The system probably breaks down before the pension fund gets to zero, for example if assets were to fall below $30 billion while projected future liabilities exceeded $300 billion. Even the most optimistic people would have to admit the situation is unsustainable. This could happen in three years in a bad stock market, or perhaps 10 with good stock returns. But fund assets are so low relative to payouts that good returns aren't that helpful.

Posted on: 4/19 12:27
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