Responding to the ridicule of teachers and the teaching profession by politicians and self proclaimed "experts"!
"Where is Albert Shanker now that we need him?" - Walt Sautter

Friday, 9 May 2014

Pensions & Patronage - "Perfect Together"

Does anyone actually believe that New Jersey politicians would ever even think of "reforming" their "patronage bottomless well"?
If you believe that you probably believe the "Mastro Report" too -                      
"The Governor's" million dollar excuse note that we bought for him!
Again, more fiddling with the New Jersey Public Employee's Pensions! The people in Trenton seem to think that the Pension Plan is the State's asset. In reality it should be viewed as an asset of the employees who have faithfully contributed to it year in and year out for decades.
Maybe if we changed the name to the Public Employees of New Jersey Escrow Account (PEBIA for short - everybody likes acronyms) it would make it clearer as to who owns those funds. 
Now the plan to balance the New Jersey State budget is to put off the legally required pension payment for this fiscal year until July (the "pension reform" law which was so greatly heralded by "The Governor" requires it to be funded during the current fiscal year - before the end of June). Paying the bill in July will simply put it in next year's budget and hopefully avoid another credit rating reduction by Fitch and S&P. (There had been five already under "The Governor's" leadership!
Here's we go again - more Pension Fund tomfoolery. The next cry from Trenton will be a plan of "pension re-reform" when they decide not to make the legally required payments once again during the next fiscal year! Pretty soon the pension with be reformed out of business! It's only a matter of time!!

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