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02-12-2010, 10:49 PM #1
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Governor Christie Declares New Jersey on Edge of Bankruptcy
Thursday, February 11, 2010
Governor Christie Declares "New Jersey on Edge of Bankruptcy"
New Jersey is in a state of fiscal emergency. Expect to see more states follow suit. Please consider Christie to freeze $1.6 billion in NJ spending. http://www.app.com/article/20100211/NEW ... J-spending
Gov. Christie today declared that New Jersey had veered to the edge of bankruptcy and ordered a broad array of state cuts in an effort to make up a $2.2 billion deficit in the current budget amid falling revenues.
Christie froze aid to more than 500 school districts and public colleges and universities, ordered the end to several state programs and the Office of Public Advocate, and seized unspent money across state government.
"Today, we come to terms with the fact that we cannot spend money on everything we want,'' Christie told a special joint session of the legislature. "The days of Alice in Wonderland budgeting in Trenton are over.''
The state's sales tax revenues are 5.5 percent below projections, corporate business tax receipts are down 8 percent, both below what had been planned under former Gov. Jon Corzine's administration, Christie said.
Christie also announced the state would not contribute $100 million toward pensions costs and signaled that he would push for massive pension restructuring.
Christie highlighted the benefits for unnamed individual teachers as an example: a retired teacher who contributed $62,000 in total toward her pension who would be expected to receive $1.4 million in pension payments and $215,000 in medical benefits over the rest of her life.
"Is it fair for all of us and our children to have to pay for this excess?'' Christie said.
Christie said the state would have to pay $7 billion a year to make up unfunded pension and medical liabilities. ""We don't have that money. You know it and I know it,'' Christie said.
Hello Alice, Wonderland Accounting Is Over
Hello New Jersey. "Wonderland" accounting is over. Hello public teachers and unions, you better be prepared for the results.
Here is a snip of the Text of Governor Christie's Speech on the State Budget. Please read the snip, but I also encourage you to read the entire speech. http://www.app.com/article/20100211/NEWS/100211042
Today, we must make a pact with each other to end this reckless conduct with the people’s government. Today, we come to terms with the fact that we cannot spend money on everything we want. Today, the days of Alice in Wonderland budgeting in Trenton end.
Today, we are going to act swiftly to fix problems long ignored. Today, I begin to do what I promised the people of New Jersey I would do. Today, I begin to give them the change they voted for in November.
The state cannot this year spend another $100 million contributing to a pension system that is desperately in need of reform. I am encouraged by the bi-partisan bills filed in the Senate this week to begin pension and benefit reform.
These bills must just mark the beginning, not the end, of our conversation and actions on pension and benefit reform. Because make no mistake about it, pensions and benefits are the major driver of our spending increases at all levels of government—state, county, municipal and school board. Also, don’t believe our citizens don’t know it and demand, finally, from their government real action and meaningful reform. The special interests have already begun to scream their favorite word, which, coincidentally, is my nine year old son’s favorite word when we are making him do something he knows is right but does not want to do—“unfair.â€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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02-12-2010, 11:05 PM #2
Christie's speech makes me want to stand up and salute. Someone finally had the courage to lay the blame for state fiscal crises smack where blames belongs, on public unions and political hacks willing to buy union votes.
OMG....someone actually "gets it!!!!"The difference between an immigrant and an illegal alien is the equivalent of the difference between a burglar and a houseguest. Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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02-12-2010, 11:20 PM #3
I applaud Chris Christie for what he is about to do. Nepotism in NJ state government has long been a major issue and costing billions in excessive salaries, pensions and benefits to NJ taxpayers. Another item costing NJ taxpayer billions are the millions of illegal aliens who have inundated entire towns. Stop the abuse of NJ taxpayers, cut the pork and enforce immigration laws.
Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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02-12-2010, 11:22 PM #4Originally Posted by grandmasmadA Nation Without Borders Is Not A Nation - Ronald Reagan
Save America, Deport Congress! - Judy
Support our FIGHT AGAINST illegal immigration & Amnesty by joining our E-mail Alerts at https://eepurl.com/cktGTn
If You Don’t Build It, They Will Come: The BorderLine
03-29-2024, 07:37 AM in illegal immigration News Stories & Reports