Rick: How can you close me up? On what grounds?
Captain Renault: I'm shocked, shocked to find that gambling is going on in here! [a croupier hands Renault a pile of money]
Croupier: Your winnings, sir.
Captain Renault: [sotto voce] Oh, thank you very much. [aloud]
Captain Renault: Everybody out at once!
We may not be in Casablanca, but insincerity was on full display yesterday when a Superior Court judge in New Jersey issued a ruling that Governor Christie has the authority to slash a scheduled pension payment due to a massive cash crunch. But the real news is old news: N.J.'s pension promises to state workers are a charade unless someone – from either the executive branch or the top echelon of the unions – starts telling the truth.
Christie announced his intention last month to violate state law and not make a full pension payment of $1.58 billion because the state budget office, ever the optimist, overestimated state income tax revenues by about $650 million. Hence, the inability to make the full payment, yet one more variation of a theme in a two-decade performance over the last two decades by Jersey governors, politicians, and lobbyists. (See this recent column for a history of N.J.'s pensions scams.)
In response to Christie's announcement, eight labor unions sued the Governor and the state treasurer.Read the rest here.
Labels: Christie, NJEA