General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCutting pensions is a despicable act of betrayal and thievery
NJ Governor Christie to cut pension payments to balance budget(Reuters) - New Jersey Governor Chris Christie said on Tuesday he will slash the state's contributions to its public pensions by nearly 60 percent, or $2.3 billion, for this and next fiscal year combined in order to close a large, unexpected revenue shortfall.
The move could lead to lawsuits from public sector unions and is likely to meet resistance from the Democratic-led legislature, which has already said it is opposed to additional pension changes after cooperating with Christie on bi-partisan reforms in 2011.
The state's retirement system for public employees had nearly $59 billion of unfunded liabilities as of fiscal 2012, Moody's Investors Service said on Tuesday.
read: http://www.reuters.com/article/2014/05/20/us-usa-new-jersey-budget-idUSBREA4J0TW20140520
yallerdawg
(16,104 posts)when it comes to throwing out contracts and agreements.
First they cut taxes and revenue, then they justify not honoring previous agreements.
"Those people" never voted Republican anyway.
tk2kewl
(18,133 posts)Funny how that works
bvar22
(39,909 posts)The Obama Administration demanded Unions & Employees to accept drastic cuts to wages and benefits,
and agree that new plants did not have to be Union BEFORE authorization the Bailout.
The Auto Industry Executives & Investors were "saved" on the backs of Unions & Workers.
Some Double Standard we have in this country.
Progressive dog
(6,905 posts)most executives are gone.
So, at least in your example, the double standard doesn't exist.
bvar22
(39,909 posts)*the wages for New Hires at the plants is approximately 1/2 the previous wages.
*New Plants do not have to be Union.
Please cite some of the Wages, Perks, and Benefits the Obama Administration demanded from Wall Street?
IIRC, he went to bat FOR the extreme Bonuses paid to Wall Street Execs while the Nation was screaming for ClawBacks.
Surely you MUST remember that Contracts are Sacred Press Conference?
"We can't begrudge them their wealth."
I know some of these guys, "and they are just savvy businessmen."
"Its the Free market",
"I mean, look at all the Baseball players!"
You don't see a Double Standard between the treatment of Wall St
and the Auto Workers?
THEIR "contracts" certainly were not sacred.
theaocp
(4,241 posts)you're wasting your time. I'm too angry about this stuff, so I'm going to step back before I say something that will be hidden. I applaud your passion, bvar.
Progressive dog
(6,905 posts)and what you posted doesn't change that. As far as the contracts are sacred press conference, I do not remember it, and I'm sure not going to trust your memory since you misremembered how the auto bankruptcies worked.
You do know that the unions got part ownership of the new companies under the auto bail out.
bvar22
(39,909 posts)why not do a little research to refresh your lapses?
Here.
I'll help you get started:
...Following news that government-owned American International Group (AIG) devoted $165 million of its $170 billion taxpayer bailout to employee bonuses, the White House insisted nothing could be done to halt the robbery. On ABCs Sunday chat show This Week, Obama adviser Larry Summers couched his passive-aggressive defense of AIGs thieves in the saccharine argot of jurisprudence. We are a country of lawthere are contracts (and) the government cannot just abrogate contracts, he said.
<>
Last month, the same government that says it cannot just abrogate executives bonus contracts used its leverage to cancel unions wage contracts. As The Wall Street Journal reported, federal loans to GM and Chrysler were made contingent on those manufacturers shredding their existing labor pacts and extract[ing] financial concessions from workers. In other words, our government asks us to believe that it possesses total authority to adjust contracts at car companies it lends to, and yet has zero power to modify contracts at financial firms it owns. This, even though the latter set of covenants might be easily abolished.
<much more>
http://www.truthdig.com/report/item/20090319_a_government_of_men_not_laws#
There is much, much more on the Double Standard between how the Obama Administration treated the Wall Street Elites, and the common shower after work wage earners of the Auto Industry if you bother to look. Don't expect it to be spoon fed to you by our Media.
Cheers!
Progressive dog
(6,905 posts)the government rescued the jobs at Chrysler and General Motors. They rescued the jobs and instead of thank yous, they get attacks from people who claim to care about union jobs.
Blue Owl
(50,423 posts)gratuitous
(82,849 posts)Only if you don't realize the connection between tax revenues and program spending. In which case even a particularly dim third grader could have told Gov. Christie his budget scheme wouldn't work.
But, since the public employees' pension fund is already underfunded by $59 billion, what's another $2.3 billion shortfall? New Jersey isn't going to be able to fulfill its contract obligations anyway, and when the bill comes due, the popular media will be more than happy to paint the workers as opportunistic greedheads besieging a poor, beleaguered state that consistently wrote checks it couldn't cash. The last thing the state should do is tax a few of its wealthier residents, because that would be calamitous!
Scuba
(53,475 posts)SheilaT
(23,156 posts)at least as long ago as the 1980's, possibly in the 1970's, that state and municipal governments had a huge unrecognized and underfunded pension problem. Just as too many corporations deliberately underfunded their pensions, so too have the governments. The govts also assumed that rising tax revenues would magically solve the problem.
No one deserves to have their pension snatched away from them.
Gidney N Cloyd
(19,841 posts)When Illinois rewrote its constitution in 1970 a section was added mandating the state keep up it's obligations to the pension and to honor/not cut contractually agreed upon benefits so I suspect the problem was already serious before then.
Of course, underfunding somewhat really isn't the issue many make it out to be. 70% and up is considered adequate.
arely staircase
(12,482 posts)hack89
(39,171 posts)rocktivity
(44,576 posts)with the help of the new casino that Atlantic City Really REALLY needed.
It's enough to make you think that maybe he created the situation for precisely this purpose.
rocktivity
Ed Suspicious
(8,879 posts)him.
malaise
(269,054 posts)despicable
colsohlibgal
(5,275 posts)This makes me so, so angry. There is a trait called empathy that so many republicans and too many democrats seem to lack.
Oh what that old B actor has wrought - he started the ball rolling big time and since then, through that old spook Poppy Bush, Bubba, Dubya, and Obama. Was Bubba as bad as the R's - no, nor has Obama been that. But those two also have caved to the Ruling Class while becoming wealthy themselves.
Take away or greatly reduce pensions that the non wealthy depend on so as not to tax the filthy rich further - unconscionable. Since Reagan this has happened over and over and consistently - and not just with republicans.
Our priorities have tilted toward greed and too many think the poor are poor because they deserve to be. Nice.
We need to get money out of politics ASAP so we don't keep heading toward some kind of "Elysium" reality.
WinkyDink
(51,311 posts)Romulox
(25,960 posts)In reality, there's no division between the two. You may feel sorry for that homeless man, but you support the economic policies that made him that way?