The state of New Jersey has long offered government employees hefty pensions, as well as retirement eligibility at age 60. Now the state is out of money, and new Gov. Chris Christie has had to propose painful remedies: an end to automatic cost-of-living adjustments for state retirees, raising the retirement age to 65 and reducing future pension payments.
“We must reverse the damage caused by fairy-tale promises that have fattened benefits and pensions to unsustainable levels,” he told The Associated Press.
New Jersey refused to face financial facts years ago, when it could have made smaller adjustments to prevent the painful cuts now.
You may not fret about New Jersey, but doesn’t it trouble you that our Congress is refusing to face the reality that Social Security is going bankrupt? Shouldn’t lawmakers act now to head off that disaster?