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Where has our pension money gone?

Where has our pension money gone?. The Class War Over Pension Funding in New Jersey, 1995-2015 Stewards Meeting December 1, 2015. NJ: 20 Years of Public Workers Subsidizing Tax Relief for the Wealthy.

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Where has our pension money gone?

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  1. Where has our pension money gone? The Class War Over Pension Funding in New Jersey, 1995-2015 Stewards Meeting December 1, 2015

  2. NJ: 20 Years of Public Workers Subsidizing Tax Relief for the Wealthy Between FY ’96 and FY ’03, the Whitman income tax cuts cost NJ between $800 million and $1.8 billion per year. The primary beneficiaries were those making over $150,000 per year. Citizens for Tax Justice 6/03

  3. McGreevey/Codey/early Corzine • McGreevey and Codey only made $300 million in total payments (and also put no new money in through 2005), but they at least passed an income surtax on the wealthy. • Corzine makes $1 billion payments in 2007 and 2008—the only years since 1999 that more than half of the required payments were made. • Then comes 2009.

  4. The rest of Corzine: we pay for Wall Street’s recklessness • Corzine puts $100 million into pension the rest of his tenure--$4.6 billion short of what’s needed. • 2009 allows Local Government holidays • 50% of payment in 2009 • 60% of payment in 2010 • 80% of payment in 2011 • 100% of payment in 2012 • No shared sacrifice from the wealthy

  5. What’s it mean for Chris Christie? • Christie has skipped $15.1 billion in payments to state pensions • Massive cuts in aid to localities • Now he says there’s no money

  6. Where did this year’s payment go? • The difference between what Christie proposed to put in the budget and the total payment in Chapter 78 was $1.8 billion.

  7. And it would be worse if we hadn’t stopped more from happening! • Christie proposed a 10% income tax cut in March 2012. • Sweeney countered with an income tax cut/property tax cut hybrid. • Both would have blown another billion dollar hole in the budget.

  8. And they’re not done! • Democrats and Christie are reportedly talking about a deal to replenish the state’s Transportation Trust Fund that would: • Increase the gas tax • Cut the estate and inheritance taxes that are overwhelmingly paid by the wealthy

  9. This is why your retirement security and jobs are at risk • Whitman’s tax cut for the wealthy,1997—2003 • Stock market crash caused by illegal, predatory, and wildly irresponsible speculation by Wall Street, 2009—?? • Christie’s massive corporate giveaways, 2010—present • Christie’s use of your pension fund as a political piggy bank on Wall Street, 2010—present

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