Thursday, February 11, 2016

Gov compares cash-poor NJ to Greece

New Jersey's governor sees Greek pay and pension cuts as a model for his high-spending, cash-poor state

Gov compares cash-poor NJ to Greece

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New Jersey is "careening our way toward becoming Greece," Gov. Chris Christie told members of the conservative Manhattan Institute today, according to Bloomberg. Story here. Excerpts:

"New Jersey’s tax revenue will fall $767 million short of targets over the next 13 months, the state Legislature’s chief budget analyst told lawmakers today." That's after $10 billion of proposed spending cuts left the budget at $29 billion.

"Greece agreed this month to cut wages for government workers, raise sales, fuel and alcohol taxes and overhaul the state-run pension system in return for 110 billion euros ($136 billion) in emergency loans from the European Union and the International Monetary Fund.

"New Jersey, like Greece, has a high proportion of public workers who have been entitled to benefits such as free health insurance that outstrip taxpayers’ ability to pay for them, Christie said. In the past decade the state added 11,000 public- sector jobs as it lost more than 120,000 private positions, he said."

 

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About this blog

PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, 215.854.5194, @PhillyJoeD. Read his blog posts at http://www.philly.com/PhillyDeals and his Inquirer columns at http://www.philly.com/philly/columnists/joseph-distefano/. Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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