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Throwing Down the Pension Gauntlet

During his State of the State speech this week, Governor Christie did not mince words when he spoke about the impending doom New Jersey faces if voters approve making mandatory pension payments into the State’s pension system each year regardless of economic conditions.  Amending our State Constitution would forever change the dynamics of the budget discussions in Trenton and could spell higher taxes for individuals and businesses.  The Governor chastised the Democratic leadership for catering to special interests on this issue.  Governing through the use of ballot questions is objectionable and should be used sparingly and should not place New Jersey in an untenable position.  So what are the numbers?  More than 800,000 individuals are part of the seven pensions systems and with an unfunded liability of $80 billion, the amount owed each year would be in the billions of dollars, placing a tremendous strain on our resources.

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    The mission of Commerce and Industry Association is to be the leader in free enterprise advocacy for the purpose of fostering, through education, legislative vigilance and membership interaction, an economic climate that enhances business potential and makes New Jersey a better state in which to live, work and conduct business.

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