Wednesday, July 23, 2014

NJ Pension Crisis: The Numbers Don't Lie!

No Pain No Gain: By The Numbers
Pension and Benefit Reform Is the Only Way To Stop The Looming Crisis

$120 Billion
Savings NJ taxpayers will see from Governor Christie and state leaders from both political parties coming together in 2011 to pass historic, bipartisan pension and benefits reform. Even this just simply isn’t enough.
$24.4 Billion
Expenses over the last 10 years from New Jersey’s health care benefits (from FY 2006 through FY15).
$23.3 Billion
Growth of New Jersey pension liability over the last 10 years.
$7.6 Billion
Cumulative pension expenses New Jersey has paid out over the last 10 years.
$4 Billion
State revenues have grown by only $4 Billion in the last 10 years. 
$2.5 Billion
Amount New Jersey in FY 2015 is spending less on all other government programs outside of pensions, health benefits and debt service than in FY 2008.
$837 Million
The cost of the “Cadillac Tax” or federal tax that the State will soon be further burdened by part of Obamacare because New Jersey’s health insurance is so generous.  $261 million in FY18 and a staggering $837 million in FY22.
Approximate average annual cost to New Jersey taxpayers for each state employee between salary, pension and health benefits
New Jersey taxpayers pay 64% more for public worker health insurance than the average private-sector employer pays to cover its own employees – an average of $7,727 more per employee family.
Zero new taxes. Governor Christie will not solve this problem on the backs of New Jersey’s already overburdened taxpayers.

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