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Money

The N.J Pension Sinkhole Gets Deeper

The N.J Pension Sinkhole Gets Deeper
BY JOE SINAGRA
NEWJERSEYNEWSROOM.COM
COMMENTARY

After Governor Christie’s dramatic, pension-centric budget speech, I thought it was time to take a step back and update my history of  “A Real New Jersey Mess: The Pension Sinkhole”  with a little extra context.

There are 50 states that are more than $4 trillion in debt, and New Jersey is among the worst offenders (California being rated the most indebted state, with New Jersey ranking fourth behind only New York and Texas).

The public worker retirement system drove New Jersey’s total debt to nearly $85 billion last year according to the state’s annual debt report. The retirement system now faces a $90 billion unfunded liability, an amount equal to three times the size of the state’s annual budget.

We are spending more than three times what we are taking in! No citizen could expect to survive that way when it comes to his or her personal finances, and yet those elected officials we put in office are running the state with that kind of reckless mentality.

The exodus of businesses and citizens from New Jersey results in even less revenue to cover these mounting legacy costs.

 

4 Reasons NJ Commuters Getting Tax Increase From Christie

4 Reasons NJ Commuters Getting Tax Increase From Christie
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

What do you think of New Jersey traffic these days? Have you ever considered what it would be like driving your own vehicle in your daily commutes between New York and ...

Man Charged with Stealing his Father's Social Security Benefits for 29 Years after the Father Died

Man Charged with Stealing his Father's Social Security Benefits for 29 Years after the Father Died
BY PETER ASELTINE
SPECIAL TO NEWJERSEYNEWSROOM.COM

TRENTON – Acting Attorney General John J. Hoffman announced that a Gloucester County man was indicted for allegedly stealing more than $243,000 by frau...

Outlook for 2016 Budget Looks Bleak for New Jersey’s Working Families

Outlook for 2016 Budget Looks Bleak for New Jersey’s Working Families
BY JON WHITEN
SPECIAL TO NEWJERSEYNEWSROOM.COM
OPINION/COMMENTARY

As the governor prepares to deliver his 2016 budget address on Tuesday, the prospects for policies to help middle-class and low-income Ne...

Is the Risk Really Being Managed in your 529 College Savings Plan?

Is the Risk Really Being Managed in your 529 College Savings Plan?
BY DAVID J. SEIBEL
SPECIAL TO NEWJERSEYNEWSROOM.COM

As our kids get within a few years of going off to college the desire to make more money in their 529 college savings plan should be replaced by the n...

Sharing Income Equality

Sharing Income Equality
BY JOE SINAGRA
NEWJERSEYNEWSROOM.COM
COMMENTARY/OPINION

A major cause of “income equality” to the extent it exists today . . . New jobs that were created during the recent recession are paying far less t...

Sharing Income Equality

Sharing Income Equality
BY JOE SINAGRA
NEWJERSEYNEWSROOM.COM
COMMENTARY/OPINION

A major cause of “income equality” to the extent it exists today . . . New jobs that were created during the recent recession are paying far less t...

Extending N.J. Urban Enterprise Zone Perks to Continue City Revitalizations

Extending N.J. Urban Enterprise Zone Perks to Continue City Revitalizations
BY JENNIFER SCIORTINO
SPECIAL TO NEWJERSEYNEWSROOM.COM

TRENTON – Assemblyman Reed Gusciora has introduced legislation to help a number of New Jersey cities, including Trenton, continue to benefit from t...

4 Reasons Kean University Accused of Trying to Steal From Taxpayers

4 Reasons Kean University Accused of Trying to Steal From Taxpayers
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

Kean University is looking to expand, and wants to become one of the finest colleges in the U.S. Union Township Mayor Manuel Figueiredo says the school wants to grow at...

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