State pensions should be 401Ks and benefits paid for by workers. No unfunded liabilities.

Tuesday, April 18, 2006

http://www.city-journal.org/html/16_2_new_jersey.html

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Jersey taxpayers are discovering that, since the last big taxpayer revolt of the early 1990s, their opponents, especially the public-sector unions, have grown stronger and smarter, making ad hoc citizen anti-tax campaigns more difficult. Aided by the courts and the vast expansion of budgets during the flush 1990s, New Jersey’s tax eaters have little by little created a full-fledged example of the kind of regional government that the Left touts these days—a government that forces businesses and residents who have fled the dysfunction of the cities to pay the tab for those urban problems, whether they like it or not.

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It would seem that the taxpayers need another revolt, but this one has to be more successful. If I was founding a new "hands across new jersey", then I would use the Libertarian party. We have demonstrated that at a Federal and State level neither the Democrats not the Republicans can be trusted to deliver "smaller government". When I worked on Wall Street, each year we started out budgeting from zero. Everything was up for grabs. What do you have to do and why? That was the first question. Wall Street also loves to drive costs to the unit that benefits from them. It would seem that the "government" needs to learn that lesson.

Now, the state pensions are really bugging me. Probably more than "state cars"! And that is going some. I remember when they kept whining that they need pensions and benefits to recruit. Now state workers have better pensions and benefits than the taxpayers. So I propose that pensions become 401Ks and benefits are 100% employee funded. Then they will be on a level playing field.


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