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10 Mind-Blowing Pension Numbers

By Matt Rooney | The Save Jersey Blog

pink-piggy-bankI’m not in the habit of transcribing press releases or talking points, Save Jerseyans, but Governor Christie’s office released a list of ten pension-related stats following Tuesday’s press conference in LBI that’s definitely worth sharing with anyone who doesn’t yet appreciate the severity of New Jersey’s looming legacy cost crisis:

$120 Billion – Savings NJ taxpayers will see from Governor Christie and state leaders from both political parties coming together in 2011 to pass historic, bipartisan pension and benefits reform. Even this just simply isn’t enough.

$24.4 Billion – Expenses over the last 10 years from New Jersey’s health care benefits (from FY 2006 through FY15).

$23.3 Billion – Growth of New Jersey pension liability over the last 10 years.

$7.6 Billion – Cumulative pension expenses New Jersey has paid out over the last 10 years.

$4 Billion – State revenues have grown by only $4 Billion in the last 10 years.

$2.5 Billion – Amount New Jersey in FY 2015 is spending less on all other government programs outside of pensions, health benefits and debt service than in FY 2008.

$837 Million – The cost of the “Cadillac Tax” or federal tax that the State will soon be further burdened by part of Obamacare because New Jersey’s health insurance is so generous. $261 million in FY18 and a staggering $837 million in FY22.

$90,000 – Approximate average annual cost to New Jersey taxpayers for each state employee between salary, pension and health benefits

64% - New Jersey taxpayers pay 64% more for public worker health insurance than the average private-sector employer pays to cover its own employees – an average of $7,727 more per employee family.

Zero - Zero new taxes. Governor Christie will not solve this problem on the backs of New Jersey’s already overburdened taxpayers.

If you’re not scared and concerned after digesting all of that info, Save Jerseyans, than you’re either stupid or on public sector union’s payroll.

 

7 comments on “10 Mind-Blowing Pension Numbers

  1. I like how government refers to taxes as revenue as if its a business instead of the mob. No offense meant to the mob.

  2. These numbers are disgusting!! However you left out some even more disgusting information!! The NJ police and fire pension system “was” the richest pension on the country in 2000, then Governor Whitman took MILLIONS to balance the budget as to not raise taxes. Then every governor since took money from the system all to keep from raising taxes. All this occurred while local governments also stopped paying their portion into the system, also so they could avoid raising taxes. I did not agree with but supported Christie’s reforms. One of his reforms was to have employees increase their contributions which occurred, the second part of his reform was to have the state pay “catch up” payments. Not only did he miss his catch up payments but he took millions more to prop up the AC Casinos, all of which are losing and closing! So here is my point of view from a pensioner in this state. Kiss my a$$!! Cut your social programs and pay what was earned by the hard working public employees who kept you safe while you slept and educated/ babysat your children while your worked and vacationed in clean safe beach communities along our coast! Public employees are not the problem here, your elected officials and mismanagement of our state budget are the problem!! We actually got up worked and contributed to what you and our governor call “sweet” retirement deals! We weren’t handed anything, unlike our fat bastard POLITICIANS and those who benefit from NJ generous social program that fail not only our communities but our economy !!!

  3. Barbara Eck Ellis via Facebook says:

    Some of these are wrong!

  4. Ken-The pension fund was insolvent since the 1980’s when benefits were based on the three highest years, rather than lifetime contributions to the system. This encouraged police chiefs, lifeguards, politicians, and teachers to game the system by getting big pay hikes just before they retired. End of 1990’s stock bubble and 2001 benefits hike with no new contributions to pay for them would have created same mess even without Whitman screw-ups. Liberty and Prosperity Facebook

  5. The best part about state pension accounting is that they ASSUME an 8% year over year return. Whatever their projected shortfall is…its much greater

  6. dentss dunnagan says:

    In 2001, government employees and teachers benefits were increased by 9%, creating an additional $4.2 billion in liabilities. In 1999, the state approved a “20 and out” measure that allowed firefighters and local police to collect pensions equal to 50% of their pay after 20 years of service . . . why must the taxpayer be on the hook for these outlandish increases just because politicians wanted the union votes …..

  7. Pat Walker via Facebook says:

    Actually, it was Florio that first hit the pension money, but in a smaller amount. Nobody wants to mention that

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