According to The New York Times, New Jersey’s Assembly passed a bill 46 to 32 today that would “sharply increase what state and local workers must contribute for their health insurance and pensions, suspend cost-of-living increases to retirees’ pension checks, raise retirement ages and curb the unions’ contract bargaining rights.”
New Jersey’s government estimates the bill will save $132 billion over the next 30 years.
This legislation could not have come sooner for New Jersey. The state’s pension funds’ future liabilities currently exceed their assets by $54 billion.
Governor Christie continues to do what Washington cannot — reduce the bloated size of government and rein in union entitlements.
It is a shame that he is not running for President.