The public pension bomb

There was an interesting article in Fortune magazine describing how governors of New Jersey – my home state - Democrat Jim Florio in 1992 and Republican Christine Todd Whitman in 1994 looted the state’s pension plan. It can be read here or here.

According to the article, this was done with almost unanimous support from the state legislature. I tried finding voting records from the state legislature for that period. Unfortunately, New Jersey Legislature’s website only goes back to 1996.

The article also quotes U.S. Rep. Leonard Lance, the congressman from my district, a Republican who served in the New Jersey legislature from 1991 through 2008 – the time both bills almost unanimously passed through. Mr. Lance is a so-called “fiscal conservative”, who is now sitting on the House Finance Committee.

"Now we all have to pay," he says.

Well, we do!!! For his mistakes!!!

It is mind-boggling how people who got us into this mess, are still calling the shots!