New Jersey’s failing pension system needs commonsense reform now!
TRENTON, N.J. – Generation Opportunity Institute (GOI) is launching a digital campaign designed to educate New Jersey residents on how the state’s pension crisis affects young people.
The digital campaign, which is an extension of GOI partner American for Prosperity Foundation’s Safeguard New Jersey’s Future Project, features a video noting the urgency of the crisis. The video highlights that New Jersey owes $235 billion in scheduled pension payments, meaning every resident is on the hook for at least $26,000 to pay for the state’s massively mismanaged public pension funds.
The video can be viewed here.
Generation Opportunity Institute Policy Director David Barnes released the following statement:
“New Jersey’s pension system is outdated and not suited for the modern workforce. Pension reform is needed for young people in New Jersey, and the only way to prevent future generations of taxpayers from being on the hook to cover the promised benefits of outdated pension plans. We need a real dialogue on pension reform, to make sure New Jersey’s pension plans are efficient, effective and fiscally strong.”
Americans for Prosperity Foundation New Jersey State Director Erica Jedynak released the following statement:
“The New Jersey pension crisis is the number one fiscal issue that could bankrupt the state. The first public pension fund goes broke in 2021. If we don’t fix this problem today, we face higher taxes and cuts to school, road, and public safety funding tomorrow. The Safeguard New Jersey’s Future Project is integral to raising awareness among residents and proposing solutions, so that all stakeholders can come to the table and reform the broken system.”
New Jersey owes $235 billion in scheduled pension payments. That’s four out of every five dollars. And if you’re a New Jerseyan, sooner or later you’re going to have to pay for it. For years, the state has been underfunding pensions by the millions and basing its estimates on unrealistic investment predictions. The state made promises to public employees, but didn’t take steps to make good on that promise. Instead of planning responsibly, New Jersey chose wasteful spending and reckless budgeting.
Generation Opportunity Institute believes it’s time for New Jersey to take its pension crisis seriously. To learn more about New Jersey’s pension problem and how the state can begin fixing the problem, check out SafeguardNJFuture.com.
If you’d like to speak with someone about this issue please contact Clay Sutton at firstname.lastname@example.org
Generation Opportunity Institute, a project of Americans for Prosperity Foundation, is a national, nonpartisan organization educating young Americans (18-35) about pathways to make a difference in their lives and communities through increased opportunity and prosperity.