Quote:
Originally Posted by HalvOnHorseracing
In many states that are currently suffering pension problems, the state often failed to contribute their share (remember that employers pay into SS for each employee, same as state pensions). Sometimes the state just un-prioritized employee payments, sometimes the pension agency overestimated return on employee money and the state figured it didn't have to contribute that year. When that happens you have New Jersey's problem. The state didn't contribute for 13 or 14 years in a row and the pension fund was in the crapper.
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Just so this point is clear as can be - in 1993 Christie Whitman, a Republican, did what Republicans do. She said if elected as NJ's governor, she would cut NJ state taxes by 30%. Whitman won and the state lost.
She pretended she could afford to cut state taxes by not funding the state employee pension plan. Other NJ governors followed Whitman's lead and today "the pension fund is in the crapper".
People like solid citizen Tom say tough shit for any state employee stuck in this irresponsible mess. Not his problem, says Tommy Boy.
I pity the poor SOB that gets Tommy in his foxhole.
