NJ Failed Pension Program Reflects Chris Christie’s Questionable Economic Policies

Although he has not officially declared himself to a 2016 presidential candidate, New Jersey Governor Chris Christie has sure been posturing like he his. A number of early polls show Christie to be an early front runner for the GOP ticket which does not bode well for the Republican Party. Christie acts more like a Democrat than he does a Republican. He stands for most of the issues that the GOP opposes, but is supported by the Democrats.

Before anyone starts considering Christie as a GOP front runner, I hope they take a look at what he has done to the Garden State’s pension funds. Mark Hyman with Behind the Headlines best summed up what Christie has done, saying:

“Last week, I reported on 27 states that are nearly $600 billion short in their state pension funds.  State employees – and, in some cases, local government employees – won’t get the pensions promised them without drastic changes.”

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“We’ve examined another state which has a major pension problem.”

“New Jersey has nearly a $50 billion pension shortfall. And the situation is getting worse.”

“Since Governor Chris Christie took office in 2010, New Jersey has shifted a sizeable chunk of state pension funds to higher risk investments such as hedge funds.”

“Christie’s senior appointee overseeing the pension fund promised a higher investment return. This hasn’t  materialized. In fact, New Jersey’s pension investments trail the S&P 500 market index often used as the benchmark to measure state investment decisions.”

“This is among the reasons why Moody’s, Fitch, and Standard & Poor have downgraded New Jersey’s bond rating.”

“New Jersey is now the second biggest investor [of defined benefit programs] in hedge funds.”

“Not only are the pension funds underperforming the S&P but the state has also been socked with extremely high management fees. Nearly $400 million was spent on fees just last year. A quarter of a billion dollars more than before Christie took office.”

“Investment research and management firm Morningstar has ranked New Jersey among the bottom states when it comes to fully funding their pension obligations.”

Add Christie’s failed state pension plan economics to his long list of liberal ideologies which includes his ban on gay conversion therapy and his affinity to stand with Muslim extremists just like Barack Obama. Christie approved of the firing of a Jew Jersey Transit employee who on his own private time protested the 9-11 memorial ceremony by burning three pages of a Quran. Christie also appointed a Muslim who believes in sharia law to the state superior court and then chastised state lawmakers when they questioned the appointment because of the Muslim’s stand on sharia law. Christie has also supported strict gun control laws and helped to work to ban some hunting rifles.

Like I’ve stated many times, Christie seems more like a Democrat than and a Republican and he’s definitely not the person we want to see running for the GOP 2016 presidential nomination.

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