By Matt Rooney | The Save Jersey Blog
You can read Monday afternoon’s decision here, Save Jerseyans. The State of New Jersey must come up with a way to replace a $1.6 billion pension cut by June 30th.
“The court cannot allow the State to simply turn its back on its obligations to New Jersey’s public employees–especially,” explained Superior Court Judge Mary Jacobson, “in light of the fact that the State’s failure to make its full payment constitutes a substantial blow to the solvency of the pension funds in violation of plaintiffs’ constitutional rights, and due to the fact that the terms of the UAAL payments were set forth–and even publicly endorsed–by the Governor himself.”
The decision is a major complication for the Christie Administration just hours away from the Governor’s FY2016 budget address. Having already pledged to hold the line on taxes, Chris Christie is left with limited options: (1) borrowing at a time when your credit rating is already sinking, or (2) deep cutting. Veteran Christie spokesman Michael Drewniak, reacting on behalf of the Governor, decried the Court’s ruling as “liberal judicial activism.”
Need a little background/perspective on what we’re facing? Since this is all anyone in New Jersey politics is likely to discuss over the next 24 hours? Click here to read our definitive Save Jersey pension history, here for some relevant numbers, and here for a little tough love.