Tuesday, January 27, 2009

~ More Dirty Deeds ~

Here we go again. Corzine & Co. want to defer pension payments again. There are a few problems using this gimmick, all serious and the consequences of which exploit the taxpayers again.

Deferring pension payments cleverly hides from the taxpayers the true costs of what kind of money is really needed to support NJ's generous pension systems. NJ government has, over the last 10 years, grown at an alarming rate. So too has the need for funds to support its pension systems. What the State is doing is making promises to State workers and failing to collect funds to cover those promises. In my eyes, not only are elected officials negligently putting off the inevitable to head off property tax increases, but they are using our children as well by putting them in debt. Believe it or not, this scheme is taking place at the very same time our legislators want to pass a bill requiring high school seniors to learn to manage credit card debt and obtain a mortgage. Poor kiddies ... little do they know that they are already in debt, even without ever having opened a credit card or taken out a mortgage. Ha!

Second, to pile this debt on the taxpayers for another day is almost criminal. If NJ Pension Plans fell under ERISA (Employee Retirement Income Security Act), it surely would be just that.

After the horrific losses the pension plans sustained this year, it's going to take a miracle to ever make those plans whole since they were underfunded to begin with.

Assemblyman Cryan, who is sponsoring the bill, says that this may be the only way for some towns to head off "disasterous" tax hikes. I think we are long past that point.


Anonymous said...

i think it is coming your way just getting started pa

NFS said...

Hope so ... the sooner, the better. The people here have an on-going love affair with corrupt politicians. We need help.

Anonymous said...

we are only seeing the tip of the iceburg in luzerne county now give them time some are across state lines

NFS said...

Sounds good Pa. I've been hearing there are some nervous folks here in Union County and that comes from a good source. Whether it relates to your State's corruption or straight up NJ style corruption ... something is brewing.

Anonymous said...

save your own neck got to love it when they turn on each other papers full today 2 12 09 luzerne county

Anonymous said...

watch the name sebia ran camelot

NFS said...

Ok Pa, will be on the lookout for Mr. Sebia's name.

Here's a funny link to an article glorifying Camelot Title. It's a total b.s. fluff piece. Title agencies aren't usually the source if a closing is delayed ... although bad title might. Being open on the weekends does not speed up title either ... most attorney's offices are closed on weekends and even in the most highly unlikely event that an attorney HAD to order a title search on a weekend, that search could not begin until Monday, when the Court House is open.

I also spoke with a friend of mine last week. He said Camelot broke onto the title scene and apparently became very successful very quickly. This is not an easy task in the title insurance business. Most attorneys have one or two title companies who they use on a routine basis. An attorney isn't going to change title agencies and give their business to a new unknown agency. So how did Camelot Title acquire all their business?? Not hard to figure out when you know who the players are.


Anonymous said...