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New Jersey throws pensioners under the bus

The state of NJ has thrown its pensioners under the bus. The recent “agreement” reached between Governor Christie and the “leaders” of the Senate and Assembly have decided to forgo cost of living increases for those retirees receiving NJ pensions. While on the surface this may seem a reasonable and “acceptable” compromise, closer scrutiny reveals that this is an insidious plan that will leave pensioners who had worked their entire lives and paid their agreed to amounts into the system faithfully, (unlike the state of NJ) with a rapidly decreasing standard of living or potentially totally broke.

www.ShadowStats.com

Courtesy of shadowstats.com

Let’s analyze what will happen. We all know that inflation is increasing and will continue to accelerate as the Federal Resereve continues to print more dollars to protect the interests of Wall Street and the “too big to fail” banks. The official government figures for inflation stand at approximately 2.5% to 3%, but everyone who has to support a family knows that these highly manipulated figures do not represent the real rate of inflation. Shadowstats.com, a highly regarded website that calculates the real rates has determined that the current inflation rate is at 12%, not the much lower government figure.

Now consider this: if the true rate of inflation is 12%, IN 4 SHORT YEARS PENSIONERS WILL LOSE HALF OF THEIR BUYING POWER! Consider how much buying power will be lost over 8 years, or 12 years. These pensioners will have close to NOTHING!

Governor Christie talks about “shared sacrifice”, but in reality he gave tax cuts to millionaires and billionaires while cutting programs for those who need it the most and now the pensioners. This is Robin Hood in reverse, he is taking from the poor to finance tax cuts for the rich. Where is the shared sacrifice here? Will the millionaire bankers, hedge fund managers, and corporate executives suffer a 50% cut in their income in 4 years? You can bet you would hear howls of protest from them if he tried to do that.

Billions for banks, poverty for the restThis “pension” reform needs to be exposed for what it really is. This is nothing less than a total reneging on their social contract with the people who worked their entire lives in service to the public. Let’s not forget that it was not the police, public nurses, teachers, and firefighters who caused the state’s economic problems. The problem was caused by a percipitous drop in revenue and the ones responsible for that are the Wall Street types, the big bankers, and the speculators. These people paid themselves $millions in bonuses for a job well done and they still get tax cuts from the governor while the pensioners will be left with nothing?

Wake up America, what happens here affects everyone. Think Social Security and don’t think that YOU will not be the next target of the financial elites and their hired politicians.

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