10 Mind-Blowing Pension Numbers
By Matt Rooney | The Save Jersey Blog
I’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.