Prieto: More fiscal irresponsibility by Christie for vetoing $300M pension payment

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Assembly Speaker Vincent Prieto (D-32) is attacking Gov. Chris Christie (R), a 2016 presidential candidate, for vetoing a bill that would’ve allocated $300 million towards the state’s pension system.

Vincent Prieto

By John Heinis/Hudson County View

“Gov. Christie’s failure to make the required pension payment has put the state deeper in the fiscal trouble, led to state credit rating downgrades and hurt New Jersey’s economy,” Prieto said in a statement this afternoon.

“We proposed a balanced budget that fully funded our obligations, and this prepayment was part of our effort to move the state’s economy in the right direction.”

The state Assembly budget panel passed the bill back in late June, with Prieto then noting that the $300 million would’ve been invested immediately, as opposed to the end of the 2016 fiscal year.

“The intent of this bill was to get that funding invested in the pension system as soon as possible. Doing so would have allowed for the earning of investment returns on the appropriated amount, but with this veto by Gov. Christie, all we have is yet another missed opportunity,” he added.

“Democrats remain committed to fiscal responsibility, and I will continue reviewing options to restore the health of the pension and benefits system. Gov. Christie needs to get on board and show some fiscal responsibility before we face even more credit downgrades and economic woes under his watch.”

A New Jersey Supreme Court ruling on June 9 gave Christie the legal right to slash the $1.57 billion in the state’s pension fund as he sees necessary.

4 COMMENTS

  1. Christy (fatboy) does give a phuck about NJ now. Just like Prietos boy Fulop won’t very shortly. NJ is a stepping stone to bigger and better things (money, power, Governor, President) The Courts already agreed with Christy and I thought he can forgo this pension promised payment? The good news is “FATBOY” has no chance in hell of winning. The bad news is he will raise a ton of money for his future political moves.

  2. Christie has put NJ in the worst financial shape than any other Governor with 9 credit downgrades and higher borrowing costs for the sole purpose of advancing his political ambitions . He ‘s a disgrace .

  3. I guess Bernard Madoff did the same thing but he got 150 years. This seems to be a state sponsor Ponzi scheme.

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