Chris Chrisite: The Day of Reckoning is Here
By Art Gallagher
Governor Chris Christie was featured prominently in the 60 MINUTES segment, State Budgets: Day of Reckoning last night. See InTheLobby for a synopsis and links to the broadcast and extra footage.
There were two key phrases Christie used that caught my attention when talking about the state’s pension and retiree health care obligations. 1) Christie said that most of the general public is incredulous that there are still people still getting pensions. Most of us have 401K’s that have been hammered and we don’t know how we are going to fund our retirements. 2) Christie said, as I have heard him say before, that while public employees are up in arms now, if he doesn’t take the necessary actions to reform the pension and benefits system, it won’t exist in 10 years.
I hope the second comment is not an indication that Christie is going to try to save the pension and benefits system. It is beyond saving and it is not appropriate to try.
As Christie’s two least favorite conservatives (besides Sarah Palin), Paul Mulshine and Rick Merkt wrote in September, if the state pension system was a private pension system the federal government would have shut it down already.
If the federal government is not going to do the right thing regarding the insolvent state pension systems throughout the county, New Jersey and Chris Christie should lead the way. Scrap the pension system. Distribute the money in the system equitably to its beneficiaries’ retirement accounts and let’s move on. Set up 401K type retirement programs for government workers and retirees.
The private sector has already handled this crisis and have given the states a model for how to do it. It’s not fair and it won’t be pretty, but it has to be done. All we need is a leader with the courage to do it.
I believe Chris Christie is that leader. I hope I am right.
More from my site
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Christie, Legislative Leadership Come To Terms On Pensions And Health Care
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CBS posts unaired clips of Obama and Romney Interviews
Chris Christie declines to comment on CIA torture tactics report
Opinion: Heads They Win, Tails You Lose
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While I agree that defined benefit pension programs must be reigned in and new hires converted to a 401k style program, it is morally bankrupt to screw people who are just about ready to retire in 1 0r 2 years.
There needs to be some sort of step down program, ie people who have only been in the pension system for 5 years go right to a 401k program.
Other ranges of service years need some sort of sliding scale or what ever.
But, these pending retirees committeed to a program some 25-30 years ago. For THEM, the pay was really, really low in their first few years and that was one of the carrots to get people to become teachers when we were really, really short of teachers.
Would you suddenly end social security benefits to people who are just retiring and tell them that sorry, you are not getting what you were promised?
Yes, overhaul the system, but we must be fair about it to people just retiring.
The pension system is a mess partly because politicians raided its funding.
Teachers, Fireman, Policemen and other state workers in the pension fund now where made a promise. The Government should keep that promise. It is the morally correct thing to do. Will it be expensive yes. This is what we get for letting politicians get away with theft all these years. Because that is what they did. They stole from the pension fund so they could get reelcted.
Change the system going forward but keep the promises made to the regular Janes and Joes who are counting on it. (btw that does not include the politicians who milked the system for years.
…………..and exactly WHO pays for this?
brian…
Who should pay for this? I say we reign in the politicians perk’s and pay; in order to pay for gradually moving to a 401k program, new hires first.
After all, they’re the ones who raided the system and underfunded it.
For me, who was not born in NJ and feel NO
obligation to correct the mistakes of decades
of poor political decisions, the answer is quite clear–sell my house and move South,
where these unsustainable promises were never made, and school board extortion is
NOT tied to property taxes.
I plan to vote with my feet.
Brian,
Please don’t let the door hit you in the ass on the way out and please, turn out the lights when you leave.
Thanks.
rick,
GFY
Brian ….I’ll br right behind you ,I’ve lived here all my life (50+)my 4o1K got cut in 1/2 ..nobody is worried about my retirement ;I can’t afford to fund someone else’s !my property taxes are over 20K I’ve paid my dues our politicians have made this place a living hell as for ‘the morally correct’ thing to do confiscate our politicians assests ..they made the promisses ,I didn’t and I didn’t vote for them it’s their responsibility to pay with their money …..and I refuse to support their corrupt behavior anymore
db said
“I didn’t vote for them”
Really wow you never voted for any of them. Since so many of them were involved from both parties I guess that means that you never Voted.
If people like you had paid attention maybe they politicians would not have gotten away with it.
You get plenty of the blame bucko.
Brian, I don’t blame you. I was born and raised here and quite frankly I can’t wait to leave. Nj is expensive has lousy weather and is overcrowded.
However taxes are not on my list of reasons to leave. See if you get the same services down south that you get here.
If you don’t care about the services then adios.