tag:blogger.com,1999:blog-9025948832913694345.post5393171508966112602..comments2024-03-22T02:15:56.280-07:00Comments on Jersey Jazzman: Our Failed MediaDukehttp://www.blogger.com/profile/16535645107179796099noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-9025948832913694345.post-39797961583043079652011-01-13T15:54:50.488-08:002011-01-13T15:54:50.488-08:00Scary. (Sorry, fingers flew too fast. I'm too ...Scary. (Sorry, fingers flew too fast. I'm too frightened to type well :). sheesh.)Lisanoreply@blogger.comtag:blogger.com,1999:blog-9025948832913694345.post-4352238355784281972011-01-13T15:49:50.877-08:002011-01-13T15:49:50.877-08:00["Benefits are too rich, and contributions ar...["Benefits are too rich, and contributions are too small, and the system is on a path to bankruptcy," the governor said during his speech.]<br /><br />Contributions are too small. Let's see...employees haven't miss a cent of their contributions (which were increased about 2 years ago), but the state hasn't made its contribution in 12 of the last 15 years--or is it 13 of the last 16 now.<br /><br />The pension problem couldn't possibly be due to the state not making any contributions AND the fact that the assumed annual rate of return of the underlying investments in the fund is 8.25 percent but the fund lost over 14 percent in 2009.<br /><br />So instead of reporting that the pension's problems are due to the lack of state contributions and the downturn in the economy and Wall Street, the governor blames the state of the pension on the employees, and the media drinks the Koolaid--or just doesn't THINK.<br /><br />Yah. If the public conversation doesn't change in tone and tenor, which needs to start changing at the top, and FACTS aren't included, I'm now concerned that the a NJ Loughner will--god forbid--target a teacher. Very, very scarey.Lisanoreply@blogger.com