Video-Chris Christie on pension reform

Posted on August 4, 2010

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Via Cubachi, a sneak preview of the next phase of Christie-style Hopenchange: Figuring out how to bring sustainability to a public pension system which, by law, requires an increase of nine percent per year.

The governor, who took office in January, skipped a $3 billion payment into the $66.9 billion fund in his first budget as he coped with a record $10.7 billion deficit. The fund, which provides benefits for almost 800,000 current and retired teachers and government workers, had a gap between assets and anticipated payouts of $46 billion as of June 30, 2009…

The governor said he intends to work with lawmakers later this year on a series of changes to lower future pension costs. Those initiatives may include scaling back a 9 percent pension increase enacted in 2001 and reducing future benefits for current workers, he said.

In March, the first-term Republican signed a package of bills barring part-time workers from the pension system, capping payouts for unused sick-time and requiring employees to pay 1.5 percent of their salaries for health insurance.

Lowry, singing his praises, calls him an adult in an increasingly juvenile political world. I couldn’t agree more, but when it comes to hard choices about entitlements on a national level, I honestly don’t know how viable that degree of adulthood will ever be. Just ask the resident adult in the House GOP caucus…

Article:Chris Christie on pension reform: We are the ones we’ve been waiting for   By Allahpundit

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Posted in: NEWS SOURCES