When Democratic Senate President Sweeney demands a new tax on “millionaires” to bail out NJ pension funds, he fails to mention that that thousands of retired government employees are millionaires themselves–especially part-time politicians and other insiders who “juiced” their pensions just before they retired, ?Many are younger than age 55. ? Many are still working for state or local government or public schools and getting $100,000 salaries on top of $100,000 pensions! ?A ‘millionaire” is defined as someone with more than $1 million to invest. ? ?With interest at 2% per year, someone with a $100,000 per year pension is earning the same as someone with $5,000,000 in their IRA or 401K!
When I ran for Governor against Chris Christie in Republican Primary last year, I proposed fixing NJ pension funds by limiting pension payments to $50,000 per year. ? Because NJ pension funds are insolvent, federal and state bankruptcy and insolvency laws (And Article 8, Section 2 of NJ Constitution) would allow these cuts to be made immediately. ? Is this why not a single major newspaper or radio or TV station gave my campaign ANY coverage? ? Not even the kind of “David vs. Goliath” human interest coverage that “Weedman” gets? ? My proposal from last year is still posted online on my old campaign website at: ?http://grossman4nj.com/2013/02/05/2nd-principle-cut-spending-to-cut-taxes-for-everyone-no-more-special-tax-breaks-for-insiders-like-the-revel-casino/. ? ?See also Liberty and Prosperity Facebook page.