N.J. facing ‘fiscal disaster’ that’s
just weeks away from coronavirus
pandemic, Murphy says
N.J.com,
by
Matt Arco
&
Alex Napoliello
Original Article
Posted By: Ribicon,
5/4/2020 2:26:09 PM
New Jersey is facing a financial disaster due to loss in revenue and spike in expenses related to the coronavirus outbreak that could be just weeks away, Gov. Phil Murphy said Monday. “Right now, it’s pouring,” Murphy said, shortly after announcing he was ordering all public and private schools closed for the rest of the academic year. “We are on the brink of having to make very tough and, quite frankly, very unpalatable decisions." Murphy has previously warned of “historic” public worker layoffs without federal assistance.(Snip) The governor called on Congress to provide financial relief to the Garden State.
Reply 1 - Posted by:
0658 5/4/2020 2:29:16 PM (No. 400630)
Over and above the original posters comment, possibly they should look at some of the nonsensical social programs that infest that state.
30 people like this.
“without Federal assistance”....
There it is!
We need YOUR tax money in jersey!
We love to spend OPM!
And we never pay it back!
You chumps!
26 people like this.
Reply 3 - Posted by:
RuckusTom 5/4/2020 2:32:06 PM (No. 400634)
I love stories of state, union employee retirees in states like NJ, NY and IL who take their golden healthcare and 90%+ final salary retirements to a no tax state like Florida.
31 people like this.
Reply 4 - Posted by:
Heil Liberals 5/4/2020 2:34:12 PM (No. 400636)
They created it. Let them eat the cake they baked.
34 people like this.
Reply 5 - Posted by:
Shadow722 5/4/2020 2:38:19 PM (No. 400638)
New Jersey going broke?? Pity......
17 people like this.
Reply 6 - Posted by:
moebellini3 5/4/2020 2:53:19 PM (No. 400645)
What you are looking at is the failure of socialism. The states in the worst shape are all states run by communists who have spent tax payer dollars on irresponsible programs. Hundreds of millions spent on welfare, health care, and housing for illegal aliens and sanctuary cities. Not to mention legal fees paid to illegal aliens and social programs that have bankrupted their states. Not to mention how many millions were stolen. Now they want the fiscal responsible states and taxpayers to bail them out. Bail them out and they will continue to waste away our taxpayer money.
19 people like this.
The dirty secret, pension obligations are 1st priority. If their pension fund does not have adequate returns, the balance must be made up from the general fund BEFORE any other program.
Wonder what they all think of "trickle down economics" now that massive amounts of tax dollars are no longer trickling down into the coffers of the State, County and City.
They also should start proposals that reduce the number of people needed to administer any given program. After all, this is the exact scenario that happens when a private company loses business due to some government edict, regulation or tax increase affects their sales and profit margins and they need to reduce payroll.
It would be a prime time for many public employees to take retirement now, if they're close enough, and able to allow younger workers to take the place, which would help reduce the expenses.
5 people like this.
Reply 8 - Posted by:
hotcorner 5/4/2020 2:53:51 PM (No. 400647)
NJ state and local governments need to consolidate services and reorganize. It is a relatively small geographic area with too many small towns and villages each with their administrators, police and fire departments.
11 people like this.
Reply 9 - Posted by:
Proud Texan 5/4/2020 2:55:38 PM (No. 400648)
Reading the bill of rights is above his pay grade. Maybe he should make the unpalatable decision to let citizens use their rights to live.
10 people like this.
Reply 10 - Posted by:
marbles 5/4/2020 2:57:25 PM (No. 400650)
Open the state. You'll get that much needed revenue.
7 people like this.
Reply 11 - Posted by:
Chuzzles 5/4/2020 2:58:42 PM (No. 400651)
Agree with OP. NJ, NY, Cali, IL and others have been trying to get backhanders from the Feds to bail them out of their feckless spending habits of the past several decades. I hope Trump can stand strong against this stuff. Why on earth should the rest of us pay for these profligate spenders known as democrats? Cut social spending on illegals, cut pensions to the bone, cut employee/staff at the state level.
14 people like this.
Reply 12 - Posted by:
LC Chihuahua 5/4/2020 3:04:33 PM (No. 400655)
Reopening the state will go a long way to fixing the problem, but Murphy is too thick to figure that out. Or too dishonest.
4 people like this.
Reply 13 - Posted by:
Jerseyden 5/4/2020 3:05:57 PM (No. 400656)
The working people of NJ have been facing financial disaster for at least 30 years regardless of party in power. But now that the state is running low on tax and toll income they plead for fed help. Try cutting give away programs and reducing the number of state employees.
9 people like this.
Reply 14 - Posted by:
GoodDeal 5/4/2020 3:10:09 PM (No. 400662)
The only solution is free college tuition for illegals, non-citizen voting as well as drivers licenses, free healthcare, and make sure that they all get $500 as they get in CA since they don't qualify for the $1200.
Then phase Two is to raise taxes on everything, raise fees on everything, and don't cut spending anywhere at all. If that doesn't work, then take it to the bankruptcy court. Or pray Biden gets elected and then Pelosi and Schumer will write a check to cover all of the deficits and more. So there ya go. Run with it. Should work out fine.
12 people like this.
Reply 15 - Posted by:
john56 5/4/2020 3:21:10 PM (No. 400671)
You mean that NJ government was fiscally responsible until sometime in the last week of January?
Yeah, Fuggetabotit.
13 people like this.
Reply 16 - Posted by:
Clinger 5/4/2020 3:22:13 PM (No. 400672)
Golly if I wasn't such a darned unedumacated, unsofistikated nuckle dragging deplorable racist white supremacist misogynistic typical constitutional originalist, which is secret code for wanting a return to enslaving blacks, I'd figure out that there was a clear correlation between high tax democrat dominated states and the ones in financial trouble. Thank your deity of choice I'm too stupid to see that.
11 people like this.
Reply 17 - Posted by:
Ribicon 5/4/2020 3:23:27 PM (No. 400675)
This same governor, per another article poster here, is considering a deal to give illegal aliens (aka undocumented Garden Staters) unemployment checks of $600/week, which as far as I know is more than retired US citizens receive from Social Security, a system they paid into, versus grifting the system.
9 people like this.
Reply 18 - Posted by:
BigGeorgeTX 5/4/2020 3:27:34 PM (No. 400680)
They're not concerned... They're certain that the American taxpayers will bail them out.
3 people like this.
Reply 19 - Posted by:
TJ54 5/4/2020 3:29:51 PM (No. 400683)
Maybe the Gov. will have to lay off a bunch of union, goon overpaid public employees and give people a reason to stay in New Jersey.
6 people like this.
Reply 20 - Posted by:
NorthernDog 5/4/2020 3:56:43 PM (No. 400701)
The 'blue state' model is not (a liberal's favorite word) Sustainable. It was doomed to fail either gradually, or all at once. Blue states coast along by squeezing immobile populations and legacy industries for tax revenue. Gradually those both erode. And in this case, the bottom fell out overnight.
1 person likes this.
Reply 21 - Posted by:
Miceal 5/4/2020 4:13:19 PM (No. 400716)
Good. New Jersey deserves EVERYTHING that's about to fall on them....
3 people like this.
Reply 22 - Posted by:
bad-hair 5/4/2020 4:19:29 PM (No. 400722)
I am thinking of organizing immigrant caravans from Jersey and New York to points South. Except Texas.
0 people like this.
Reply 23 - Posted by:
skacmar 5/4/2020 4:20:33 PM (No. 400724)
Funny how the highest taxed states (NJ, NY, IL, Conn) are all crying for bailouts from the lower taxed states. If they are is such dire need of money, raise some much needed revenue by reopening different sectors of your state's economy! Also, lose your air of superiority when you discuss what a financial powerhouse your state is (like Cuomo in NY). If your state is such a financial powerhouse, use your self-proclaimed financial superiority to figure out how to bail yourself out!
3 people like this.
Reply 24 - Posted by:
skacmar 5/4/2020 4:22:51 PM (No. 400726)
Maybe some of your "sanctuary" residents could contribute some extra cash to the states to make up for the deficits. I'm sure they were more than happy to be recipients of a lot of the money in the past.
2 people like this.
Reply 25 - Posted by:
67cj5 5/4/2020 4:44:31 PM (No. 400747)
Congress will pass a bill to bail the states out and trump will sign it. The I got mine's will get theirs and we will pay for it. I hope I'm wrong but I'm pretty sure I'm not. If airlines and banks are too big to fail then there's no way they let the states fail. Sorry, but that's just the way it is. Maybe they will throw us a bone and call it a loan like they just did with the 348 billion California just got?
https://www.wsj.com/articles/california-is-first-state-to-borrow-from-federal-government-to-make-unemployment-payments-11588617257?tesla=y&mod=article_inline
0 people like this.
Reply 26 - Posted by:
MickTurn 5/4/2020 4:53:04 PM (No. 400760)
Apparently all the Lib run cities/states GAVE all their 'Money' to cronies...now they be broke. Oh, BOO Feeekin' HOO!
Suck-it-up Buttercup, go get the stolen money from your cronies and you'll do fine!
3 people like this.
Reply 27 - Posted by:
Ida Lou Pino 5/4/2020 4:54:57 PM (No. 400762)
Lay off NJ state employees?
Oh, no! Oh, no! Oh, no! How will we possibly survive - - without these vital dedicated public servants? Who will change the toner in the DMV copy machines?
The very thought is frightening!
8 people like this.
Reply 28 - Posted by:
cor-vet 5/4/2020 5:02:18 PM (No. 400767)
One of the biggest problems in this country is that the public sector never experiences the dark side of sequesters or these shut-downs. They continue to receive their checks, or if they're furloughed, get back pay when they return. The Enron employees didn't get the retirement they were promised and actually contributed to, and as a retiree of private industry, my healthcare has changed as the business climate has changed. We keep hearing about fairness, so let's be fair and let the public sector hop on the same bus the private sector has to ride. I had to partially fund my retirement and make investments, and I don't want to fund some overpaid, non-essential government workers retirement. That also goes for these non-essential congress persons and state officials, teachers and local non-essential public employees. I know some that are sitting home, still drawing their checks. WHY?
9 people like this.
Reply 29 - Posted by:
poliposter 5/4/2020 5:17:58 PM (No. 400781)
NJ's biggest expense is the pension fund. The retirement packages were overly generous. They were supposed to make up for low pay among teachers, police and firefighters . . . but then public workers started demanding higher salaries too. And #7 has it right. Public workers retire and take their pensions out of state. Why? Because you can't afford to retire in NJ. What makes NJ expensive is property taxes. Schools are paid for locally through property taxes. School need to be funded differently. I'm days away from selling my house. Good riddance.
6 people like this.
Reply 30 - Posted by:
Philipsonh 5/4/2020 5:20:11 PM (No. 400782)
To Reply #8 - NYS is exactly the same. UpState, Albany, Troy, Schenectady, and all the surrounding towns, villages, cities, etc, commonly known as the Capital District , could ALL be combined into one major city instead of having dozens of separate and overlapping entities. It will never happen, because no official will ever give up their positions. We have over 1 million people, governed by a multitude of municipalities ,which include a major college and tech presence as well as a mammoth tourist mecca. If the area was combined into ONE large city, many advantages would ensue.
2 people like this.
Reply 31 - Posted by:
Tennman 5/4/2020 5:37:26 PM (No. 400796)
The same states that gave the Feds a big "FU" concerning illegals and sanctuary cities? Now they want to be BFFs?
Ha, ha. (Nelson Munz)
3 people like this.
Reply 32 - Posted by:
montwoodcliff 5/4/2020 5:38:54 PM (No. 400799)
New Jersey went to hell in a hand basket after the war when Democrats from New York and Philadelphia moved here and brought their liberalism with them. The state had been solid Republican up until Robert Meyner was elected to succeed Alfred Driscoll and a wave of Democrats followed with James Hughes and James Florio who gave us tax after tax after tax. Oh there was the anti-Trump Christie Whitman and the blowhard, Chris Christie, but that was only a respite. Anyway, the governor here is for the most part a figure head. The governors here are beholden to the leader of the Senate, Steve Sweeney. He is the the one to present bills for discussion, and who gets appointed to the Supreme Court. That's the real power in this one party state. Murphy is allowed to do this minor stuff, like shut down the state for the Chinese Flu. The Democrat politicians are hacks, every last one of them who double dip and even triple dip into the pension funds because they are allowed to hold administrative positions like dog catcher in different towns and counties. Republicans are guilty of that too. Murphy better open this state up soon because the Turnpike and Parkway at last count have lost toll revenues of $21 million and their bond interest has to be paid. That's the other problem here. People vote for all these bond issues to pay for pet projects and have done so since the fifties. That's a lot of debt. but the carnage goes on. At least Senator Sweeney is keeping the lid on Murphy's plans to make New Jersey into California like he promised during his campaign.
4 people like this.
Reply 33 - Posted by:
Jethro bo 5/4/2020 6:12:43 PM (No. 400823)
I wish the Federal Piggybank would just sa no!. I would love to see these fascist liberal states deal with running out of other peoples' money.
4 people like this.
Reply 34 - Posted by:
DVC 5/4/2020 6:51:10 PM (No. 400844)
They built their house of straw and when the big bad wolf came....
My house is brick. Not my job to fix up their shoddy "house".
3 people like this.
Reply 35 - Posted by:
DCGIRL 5/4/2020 6:58:29 PM (No. 400846)
Let NJ crumble and take down this incompetent Governor. He over reacted.
3 people like this.
Reply 36 - Posted by:
watercheetah 5/4/2020 9:57:27 PM (No. 401020)
It's called living beyond your means. I have a business. I have zero debt and if I need to go a year with no income, fine. Instead of saving for the inevitable rainy day these "stewards of the public trust" frittered away as much money as they could put their filthy hooks on. Declare bankruptcy and start over. Maybe the voters will wake up and elect some adults.
1 person likes this.
Reply 37 - Posted by:
Strike3 5/4/2020 11:25:53 PM (No. 401065)
No, it's due to stupid, greedy fiscal mismanagement and taxes that would make a California politician blush.
0 people like this.
Reply 38 - Posted by:
Trigger2 5/5/2020 3:44:31 AM (No. 401152)
Demonrats ran this state into the dump for years with their wasteful free spending. Why should the rest of the country have to bail them out? To hell with them. They need to reform their own state all by their lonesome, something they refuse to do.
1 person likes this.
Below, you will find ...
Most Recent Articles posted by "Ribicon"
and
Most Active Articles (last 48 hours)
Comments:
In a house of cards of their own making, NJ has long provided lush salaries and obscene retirement packages to its massively overstaffed public services sector, which are obligations that cannot possibly be met. The handwriting's been on the wall for decades, but with this latest excuse in hand, the rest of us are supposed to dig deep and shoulder the load so the "I got mine" crowd can retire in full comfort.