Senate Pension Reform Bill Makes Some Necessary Changes but Needs More
Posted OnOctober 14, 2020 byTony Howley of Americans for Prosperity NJ penned an op-ed in the Star-Ledger supporting Senate President Sweeney’s S-861 bill based on his Path to Progress pension reform recommendations. These are sensible and necessary reforms that protect existing pensions but try to put NJ on a more sustainable path. The path we are currently on is not sustainable….Read More
Pew Charitable Trust Pension Update: NJ Is Dead Last Among the States
Posted OnOctober 8, 2020 byThis isn’t new news but it’s also not good news. Pew Charitable Trusts updated its pension study to include 2018 data, and NJ comes in dead last among the 50 states. NJ only has 38 cents set aside for each dollar it owes. That means that 62 cents of every dollar owed is an unfunded…Read More
Gov. Murphy: “Labor is at the table in New Jersey unlike any other state in America, and that will always continue to be the case.”
Posted OnOctober 6, 2020 byWell, there you have it from an excellent report by NJ101.5: a perfect, one-sentence description of NJ’s political status quo, delivered by our state’s top elected officer. Gov. Murphy was elected with the strenuous support of the public sector unions – a.k.a, our most powerful special interests – and continues to work hand-in-hand with them…Read More
COVID Hits NJ Pensions: Investments Earn 1.2%, Teachers’ Pension Funding Likely Down to 25%
Posted OnOctober 1, 2020 byThe Star-Ledger reported that NJ’s pension investments earned 1.2% for the fiscal year ended June 30, 2020. This is far below the 7.5% assumed return and given that NJ pensions are cash-flow negative, it is highly likely that assets had to be used to pay out pension benefits. It is also highly likely that as…Read More
Star-Ledger’s Moran: “More taxes, more spending, more borrowing! It’s party time in Trenton!”
Posted OnSeptember 28, 2020 byThe Star-Ledger’s Tom Moran’s title succinctly captures NJ’s FY2021 COVID budget. Moran notes that despite the negative impact of COVID, spending will be increased 4%. NJ citizens and businesses are tightening their belts, but not our special-interest-friendly state government. Gov. Murphy and his legislative allies are also making a $4.7 billion pension payment – as…Read More
NJSpotlight Headline Says It All: “NJ lawmakers find millions for pet projects in budget that borrows billions, raises taxes”
Posted OnSeptember 24, 2020 byJon Reitmeyer hits the nail on the head in his NJSpotlight article. Despite past words to the contrary, Gov. Murphy is acting as if nothing has changed with COVID. Government spending and payrolls certainly haven’t changed. A record $4.7 billion is pouring into an unreformed and broken public pension system. Throwing (our) good money…Read More
NJ Debt Worst in America (Again), but Gov. Murphy Is Borrowing $4.5 billion More
Posted OnSeptember 23, 2020 byTruth in Accounting came out with its “Financial State of the States 2020,” an annual report on how much debt-per-taxpayer each state owes. New Jersey once again ranked DEAD LAST in the nation for the SEVENTH STRAIGHT YEAR. Each NJ taxpayer owes a jaw-dropping $57,900 – which is $5,900 more than broke Illinois, the state…Read More
Thanks, Governor! NJEA-Funded New Direction Repays the Favors with a $1.25 Million Ad Campaign
Posted OnSeptember 22, 2020 byNJLeftBehind nails it. In a timely piece today, Laura Waters makes the connection between the NJEA going 7-for-7 on Gov. Murphy’s budget and recently signed legislation and a $1.25 million TV campaign by New Direction New Jersey, the Super PAC that is 70%-funded by the NJEA. There’s a whole lot of back-scratching going on between…Read More
NJ to Borrow $4.5 billion to Make $4.7 billion Pension Payment: NJ Taxpayers on the Hook
Posted OnSeptember 22, 2020 byAccording to the Star-Ledger, New Jersey’s FY2021 budget will borrow $4.5 billion in bonds. That’s more than 10% of the entire budget. Where is NJ going to get the money to plug the budget gap next year? I guess we should hope that economy does really well – despite the additional taxes on millionaires, corporations…Read More
New Jersey Governance in the Middle of a Pandemic: Run by and for Special Interests
Posted OnSeptember 16, 2020 byThe NJEA’s investments are paying off. New Jersey’s most powerful special interest has had a great recent run with Governor Murphy. As is well known, the NJEA was “all-in” for Phil Murphy when he ran for governor and strongly boosted his candidacy. Since Murphy’s election, the NJEA and its public-sector union allies have pumped…Read More