(Reuters) – Many U.S. states balance their budgets by using short-term techniques to make it appear spending does not exceed revenue, according to a report released on Monday that singled out New Jersey for using these budget-balancing maneuvers.
The report by public policy nonprofit Volcker Alliance, founded by former Federal Reserve Chairman Paul Volcker, said New Jersey has produced a balanced budget by shifting resources intended for other programs to its general fund and increased borrowing. Governor Chris Christie is a potential Republican presidential contender in 2016. (DiNapoli/Reuters)
Well, well what do you know. Not our Governor.
Yep, we need some real longer-term, structural change in NJ govt spending. A few ideas being thrown around include open bidding NJ state road & infrastructure projects to private sector firms to cut out union & Mafioso graft, increased pension contributions and health insurance premiums paid by state & municipal employees and retirees for health. Asking state & municipal workers to roll back many of the pension enhancements they’ve been given since the 1990s under Florio and Whitman, i.e. maximum pensionable income should be capped like California at $110K, with pensions at 50% of that, ie $55K, in-line with current PFRS avg $57K. New employees should be moved to 401(k) style defined contribution plans, not defined benefit anymore so that politicians can no longer interfere in pension funding issues and raid the funds for Union pet projects like Xanadu, and bye-bye to accumulated leave payouts upon retirement at up to six months of avg final comp rate – “use it or lose it”. Taxes are probably going up too if all of these concessions are made, the sooner the better.
This is being done at all levels of government, no politician has the balls to do what is needed no one wants to pay the bills.
Yes, June 10, 2015 at 8:12 am all good ideas, and while we are at it we should cut out your bonuses out completely, stop matching your 401k contributions and make your health care payments higher. What’s good for one is good for all.
we pay for ours , the taxpayers pay for yours huge difference
Goes right back to the unions right 8:12. They are also responsible for global warming .
You should sign up for Obamacare this way you save and the taxpayers pick up the tab
PJ, when did all these union sycophants start infesting your blog? I thought those toadies all moved to Florida in their mid-fifties to live off the rest of us
Seriously, the so called union sycophants as you like to call them aren’t the problem. The politicians and their lapdogs like you 6:04 AM who fucked up the states finances since the mid 90s but are desperate to shift the blame to other people. You have infested this blog with your lies and bullshit.