Wednesday, December 10, 2008
New Jersey is in trouble
Let's see. New Jersey is a historically Democratic state.
Does that tell us something?.
And not to mention, passing the buck to future elected officials AND future generations...
Does that tell us something?.
And not to mention, passing the buck to future elected officials AND future generations...
Dunstan McNichol and Claire Heininger report at NJ.com:
"Specifically, Corzine proposed letting local governments skip paying $541 million of the $1.1 billion due. They would gradually work their way back to full payments by 2012 under his plan."
"Lawmakers would have to approve the 'pension payment holiday' Corzine proposed. Assembly Speaker Joseph Roberts (D-Camden) said it 'will get serious consideration.'
'I think it represents the best available option among a whole host of bad choices,' Roberts said. 'These are unprecedented times. If we can give municipalities and property taxpayers some breathing room and still, over the next several years, honor our commitments to public employees and their pensions I think it would be something we should absolutely consider.'
Republican lawmakers derided the proposal as 'an election-year gimmick.'
'Property taxpayers will shoulder an even greater tax burden in the three years following the gubernatorial election as municipalities raise taxes to pay for this year's pension obligation,' said Sen. Kevin O'Toole (R-Essex)."
