FACT: New Jersey faces $37 billion in unfunded pension liabilities, according to a report from Christie’s pension commission. Each household would have to write a check for $12,000 to close
the gap, the commission said.
FACT: Retiree health benefits add another $53 billion in unfunded liabilities.
Those costs consume 8 percent of the state budget, and according to Christie’s commission, could grow to 14 percent of the budget within 10 years.
Part of the problem, the commission says, is that 80 percent of public workers are enrolled in what would be considered a “platinum” plan under the Affordable Care Act.
“The state health programs provide generous benefits with little pricing incentive for employees to select anything but plans with the most comprehensive coverage and highest cost to the s state,” the report says.
In addition, the commission noted that beginning in 2018, the federal government will impose a 40 percent excise tax on such plans that would cost the state another $58 million that year
and $284 million by 2022.
My rant;
It is totally absurd to think that the non state government wage earner will be able to provide these former "public servants" with the tax dollars promised by so many whoring politicians throughout the years in exchange for public union votes.
Wake up and realize that NJ has a negative flow of new population, the tax base is decreasing rapidly and hell man, I have my own money problems to deal with. Sorry if some union boss made you a promise they can't keep.
Today when you smell the roses, they stink like crap