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bigtree

(85,998 posts)
Tue May 20, 2014, 04:22 PM May 2014

Cutting 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



22 replies = new reply since forum marked as read
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Cutting pensions is a despicable act of betrayal and thievery (Original Post) bigtree May 2014 OP
There is nothing like a Republican... yallerdawg May 2014 #1
but when wall st got a govt bailout contracts (incl bonuses) were sacrosanct tk2kewl May 2014 #2
..and the Contracts of the Auto Workers were "Fair game" during their Bail Out. bvar22 May 2014 #5
Fact: The auto investors lost everything, Progressive dog May 2014 #7
Fact: bvar22 May 2014 #8
I do believe theaocp May 2014 #11
Fact: The people who used to own Crysler and GM lost it Progressive dog May 2014 #12
Since you have trouble trusting your memory, bvar22 May 2014 #15
Actually you are wrong again, Progressive dog May 2014 #16
Fuck that bloated fuck Blue Owl May 2014 #3
An "unexpected" shortfall? gratuitous May 2014 #4
"Unexpected" my ass. Let's talk about taxes on his wealthy backers. Scuba May 2014 #17
I remember reading many years ago, SheilaT May 2014 #6
Maybe even the 60's. Gidney N Cloyd May 2014 #21
Republicans love to fuck with public pensions. nt arely staircase May 2014 #9
Not just Republicans - come to Rhode Island and see what Dems have done. nt hack89 May 2014 #19
It's because he's looted the fund by 60% rocktivity May 2014 #10
First think I would do is demand to cut his pension and benefits, not that it would mean anything to Ed Suspicious May 2014 #13
Well Christie is the definition of malaise May 2014 #14
Sickening colsohlibgal May 2014 #18
OMG, this is a devastasting plan! WinkyDink May 2014 #20
This is why being "fiscally conservative/ socially liberal" is nonsense. Romulox May 2014 #22

yallerdawg

(16,104 posts)
1. There is nothing like a Republican...
Tue May 20, 2014, 04:26 PM
May 2014

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)
2. but when wall st got a govt bailout contracts (incl bonuses) were sacrosanct
Tue May 20, 2014, 05:15 PM
May 2014

Funny how that works

bvar22

(39,909 posts)
5. ..and the Contracts of the Auto Workers were "Fair game" during their Bail Out.
Tue May 20, 2014, 05:38 PM
May 2014

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)
7. Fact: The auto investors lost everything,
Tue May 20, 2014, 05:56 PM
May 2014

most executives are gone.
So, at least in your example, the double standard doesn't exist.

bvar22

(39,909 posts)
8. Fact:
Tue May 20, 2014, 06:08 PM
May 2014

*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)
11. I do believe
Tue May 20, 2014, 06:25 PM
May 2014

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)
12. Fact: The people who used to own Crysler and GM lost it
Tue May 20, 2014, 06:39 PM
May 2014

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)
15. Since you have trouble trusting your memory,
Tue May 20, 2014, 07:18 PM
May 2014

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 ABC’s Sunday chat show “This Week,” Obama adviser Larry Summers couched his passive-aggressive defense of AIG’s thieves in the saccharine argot of jurisprudence. “We are a country of law—there 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)
16. Actually you are wrong again,
Tue May 20, 2014, 07:47 PM
May 2014

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.

gratuitous

(82,849 posts)
4. An "unexpected" shortfall?
Tue May 20, 2014, 05:23 PM
May 2014

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!

 

SheilaT

(23,156 posts)
6. I remember reading many years ago,
Tue May 20, 2014, 05:51 PM
May 2014

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)
21. Maybe even the 60's.
Wed May 21, 2014, 02:04 PM
May 2014

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.

rocktivity

(44,576 posts)
10. It's because he's looted the fund by 60%
Tue May 20, 2014, 06:25 PM
May 2014

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)
13. First think I would do is demand to cut his pension and benefits, not that it would mean anything to
Tue May 20, 2014, 06:40 PM
May 2014

him.

colsohlibgal

(5,275 posts)
18. Sickening
Wed May 21, 2014, 10:58 AM
May 2014

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.

Romulox

(25,960 posts)
22. This is why being "fiscally conservative/ socially liberal" is nonsense.
Wed May 21, 2014, 02:08 PM
May 2014

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?

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