Sweeney’s pension scheme is great ’cause then he doesn’t need to actually do anything

By Matt Rooney | The Save Jersey Blog

This one shouldn’t require much explanation, Save Jerseyans.

Not content to rule only New Jersey’s future, gubernatorial aspirant and incumbent Senate President Steve Sweeney is in the news today after floating a “plan” for a trillion dollar, multi-state bailout of our country’s many under-capitalized state-based public pension systems. “We are glad that Senate President Sweeney continues to explore every possible option for helping New Jersey responsibly meet its pension obligations,” chimed in NJEA President Wendell Steinhauer.

sweeneyEvery “option” except for those that would fix the root problems, of course.

Which is convenient for Trenton’s elites. Sweeney’s plan doesn’t require them to do a damn thing other than what they already do best… shift blame and put their hands out!

No hard choices need to be made. No adult discussions or real reform.

Until the next crisis?

Keep in mind that this crisis is one of their own making. We’ve already tried paying debt with MORE debt and it doesn’t work. No one ever pays! And the liabilities pile up. “In 2001, government employees and teachers benefits were increased by 9%, creating an additional $4.2 billion in liabilities,” Save Jersey contributor Joe Sinagra explained earlier this year. “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 . . . a perk formerly reserved only to the state police. Benefits added since 1999 have increased liabilities into the billions.” They kicked the can down the road. Repeatedly, all while buying votes with pension promises.

The end result: a fatally-flawed system where an NJEA member, retiring in 2018, contributes a relatively meager $126,000 to his or her pension and health benefit costs over the course of 30 years! Despite withdrawing approximately $2.4 million in benefits in that time. I know mathematics isn’t in vogue these days but holy shit…

And by the way, who is going to end up paying for this new federal debt load? New Jersey, folks, since our state gets the worst return on its federal tax dollars of any state in the union.

Again, I get why this plan is cool for the guy who thinks he’s our next governor. Anyone else who votes for it needs to be institutionalized. Real leaders don’t ask other people to solve their problems.

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35 thoughts on “Sweeney’s pension scheme is great ’cause then he doesn’t need to actually do anything

  1. On the Courier Post feed, I mentioned this was like switching one credit card balance to another credit card. Lower interest, but its still debt. States collect taxes from residents; send some to the Feds; Feds “loan” it back to the states with interest (also from the taxpayers). And the beat goes on……… :-s

  2. He was instrumental in creating this mess and now he wants a bailout? I don’t think so. How about eliminating some of the 600+ school districts and consolidating them. That would save hundreds of millions.

  3. Sure tax US for the laxity of people who should have been watching their investments and asking tough questions. More Jersey Jerkoff Socialism. Cash in all the pensions. Make a lump sum distribution to everyone, and then a matching 401k for everyone remaining employed. They don’t like it, enter the private sector, where only 12% of companies still even offer pensions.

  4. The Fat Guy was never a true conservative, (which is what I am looking for). The problem is that in order for a republican to get elected they must pander to the liberals. Let’s be honest, most republican politicians in NJ would be Democraps in any Southern state.

  5. The funny thing is people on here blame unions. You do realize they are for the blue collar worker don’t you? So the union members pay their share, pay their medical, all which on my paycheck which was a reduction of 700 dollars a month. Christie, who everyone here supports, skipped his share and yet none of ya saw a friggin penny in savings. If you still support him your a moron because he doesn’t care about anybody in new jersey.

  6. We must recall Sweeney he was sworn in to help all citizens. What about overpaid public pensions and free retiree health benefits ? This should be a major topic and concern !!!

    http://www.nj.com/politics/index.ssf/2015/07/sweeney_wants_federal_loan_program_to_rescue_publi.html. Rtw. –

    Please help us in new jersey. And federally. This what they want to start saying 27 states should get pension bailouts !!!!!!

    Sweeney speaker of house in Nj and the congressman Donald Norcross both are delusional!

    Candidates should discuss !

    They want the country to pay for this bailout as a handout !
    27 states have this pension shortage . This would break all of us.

    They get full an inflated pension formula based on last 3 years salary divided by 30 years ) just to sit home when their contributions his is definitely for TPAF is 7.92 for teachers contribute after 2011 reform ( please review (Nj dept if treasury) ( Nj teachers are highest paid in country teacher portal website for state comparison ) and 11.92 for state workers and police who fund more But also they retiree at age 40 – with over 100k and contribution pay is approximately 26 %) but they all get free retire healthcare they teachers and state employees contribute only 7.5 % while working and consider this also as healthcare included as healthcare and pension deficit together! So free retiree healthcare part also effects our sky -high(est) property taxes.
    If this is funded we will become Greece as 2/3 are public workers with underfunded over promised extreme entitlements there!

  7. Why doesn’t Sweeney seek to incorporate the same funding formulas as the Ironworkers’ Pension, Annuity and Welfare (and Education) plans that are doing fine to the NJ Pension system? Someone should really ask him THAT question.

    Sweeney is vested in both, no?

  8. I think the reason is that the Ironworker funds have legitimate actuaries, unlike the State of NJ. Plus hours worked for hour paid pension provisions. Unlike NJ. Sweeney knows this, but acts dumb on this pension topic. Sweeney may or may not know how his Ironworker pension fund operates. Probably the latter.

  9. A cold day in hell before that will ever happen. Look at our neighbor NY voting for Big Bird as their mayor. Crime soaring, people pissing on the streets, etc.

  10. Another Jersey politician who wants to screw us with these ridiculous government pension schemes. NJ is never gonna improve. Only get worse and he’s part of the reason why. Plus the unions love him.

  11. Another beaurocratic leach. He should not be allowed to hold office. AND he’s been screwing us since he first came on the political scene. As a Gloucester County Freeholder, he did NOTHING for the residents here. If ever a need for term limits and position limits, its here.

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