The Shell Game

Corzine ran for governor on a promise that he would not do what he just did.  With the collusion of Democrats, not one Republican would lower themselves to steal from the working people of the state, Corzine just raided the state pension plan.

“Over and over, governors and legislators have underfunded, non-funded and bonded against our pension funds,” (Sen. Bill) Baroni said. “Today, the Senate adds another act to that shameful legacy.”

The value of pension system funds was $59.2 billion as of Feb. 20. As of June 30, it was underfunded by $28.4 billion. Corzine’s $29.8 billion budget proposal reduces the state’s contribution to the chronically underfunded pension system by $895 million from last year’s $1.1 billion contribution.

The budget also decreases aid to schools by $94 million, largely by deferring pensions…

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