TGIF; time to leave the Council meeting and the "World unto itself"Administration in limbo and time to worry about bigger things.
How many read the articles in the Star Ledger and in Thursday's New York Times? (paste this in your browser's address line--http://www.nytimes.com/2010/08/20/nyregion/20jersey.html).
I am not an expert on remembering big numbers, but it seems that the State's Pension Funds are underfunded: "The state’s most recent report said that as of June 2009, the pension funds should have had assets of $112 billion to meet their future obligations, but had only $66 billion — one of the largest shortfalls, known as unfunded liability, in the country. The situation is probably worse today: The state is supposed to contribute about $3 billion a year to the funds, but amid huge budget deficits and spending cuts, it is in the second consecutive year of contributing nothing. "
"On Wednesday, New Jersey became the first state ever charged with fraud by the Securities and Exchange Commission, for illegally papering over the pension fund problems in pitches it made to bond investors. The case was simultaneously filed and settled with an order to the state to stop its deception. "
"New Jersey has seven state-run funds that pay pensions to 244,000 former state and local government employees or their beneficiaries."
Our City only funded 50% needed in 2009. I believe that the State operates the municipality's pension funding. I am certain Police and Firemen are affected as well as all State employees. Who can be assured of every receiving part or all of their anticipated retirement benefits?
The problem with the State since 2001 is that like too many individuals today a "credit card" and the State creates its own- is a license to spend while not planning to pay until long in the future. Governmental bankruptcy will create an economic crisis that will rival the 1930s
Both Republicans and Democrats in Trenton are responsible for New Jersey's plight. Yes the Feds have aided it. Entitlements are great but those that grant them have pushed the responsibility for payment on future taxpayers. In essence this is a Ponzi scheme of unimaginable proportions.
I can offer no solution. I don't believe that the "Tea Parties" are an answer. However we must be very selective in November and the subsequent years in whom we place in office.
Locally WE have the right to demand an accounting of city funds, accountable officials filling required positions, a public publishing of the annual audit especially those portions referring to improper actions.
The New Jersey Department of Community Affairs, Division of Local Government Services should be monitoring each municipalities compliance with its statues. It is obvious that no attention has been paid for years perhaps decades to Plainfied's fiscal management. IT is past time that no correct has been taken. Let the chips fall where they may.
Friday, August 20, 2010
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Maybe the joke is on the double-dippers and triple-dippers who inflated their pension eligibility at taxpayer expense.
ReplyDeleteSo doc, you are against grass roots efforts to take back the country by the very citizens who have been footing the bill for all these government giveaways , like Dick Codey's brother's multi-pension plan. I tried to work three jobs at once one time . . . couldn't do it! Corzinne brought us New Jerseyans to our knees so that the Obama, Pelosi, Reid and Frank Regime could hit us in the back of the head with a big, big hammer! Now my Grandchildren have to try and clean up their mess!
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ReplyDelete8:21PM,I am against the extreme right with its antipersonal rights agenda and which would be as dangerous as the far left which has brought us to this economic disaster. There have been overtones of McCarthyism from some Tea Partyers. Too many innocent people's lives were crushed in his anticommunist antisemitic vendetta.
ReplyDeleteDo not ignore that many Republicans have been just as guilty of porkpieing and deficit spending. It was a Republican Governor that did the earliest dipping into NJ's pension funding.
We need fiscal accountability and that can come only by electing those who do not have an ax to grind but are interested in honest government be they Republican or Democrat. I hope they exist.
I too am against the elements who identify too closely with either the far left or the far right. I consider myself an independant with Libertarian tendencies! About the Communism, McCarthy had the right idea, but went about it the wrong way! Causing suffering and pain on innocents, (and I mean the families of the accussed and their friends) was totally wrong. Communism does not work, never has and I don't think ever will. If you take a look at Peter Styvesant in 1600's New Amsterdam, communism nearly destroyed the settlement and capitalism brought it back! It is a very interesting story. The ideals of both Communism and Socialism would bring forth a wonderful world if it weren't for the human element, by their pure nature it winds up that the few, elite rule the masses as they see fit, for the overall collective good of the many!
ReplyDelete11:05 PM, 1005% on target. I only wish you had signed your comment. You could contact me at my seldomed (weekly) check alter mail box:olddoc3@verizon.net
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