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Chris Christie on Social Security

 


Pension reform: raise retirement age, suspend COLAs

Our pension system, which was on a path to insolvency, is now on much more sound footing. We tackled the problem head on--modestly raising the retirement age, reducing incentives for early retirement, suspending COLAs until the plan is 80% funded, and yes, asking for something slightly closer to market in terms of employee contributions.

In total, the pension and health benefits reform package that you passed will save taxpayers over $120 billion over the next 30 years. Just as importantly, it will help make sure the pension is actually there when our public employees and school teachers retire. Other states have noticed: this reform is becoming a model for America.

When we combine this needed discipline on spending and taxes, with responsibility in addressing our long-term liabilities, with pro-growth actions on the regulatory side, we have made New Jersey a better place to do business.

Source: N.J. 2013 State of the State Address , Jan 8, 2013

We're in trouble due to overspending on entitlement programs

Q: Why do you think America got itself into such a terrible mess economically? What do you think was the problem?

A: Greed. And because no one wanted to tell anybody the truth. The truth was you can't continue to spend the kind of money our spending on all these entitlement programs. I think we need more people in public life who are willing to say no, we can't afford certain things, no we can't do certain things, we've got to wind up being honest with people. I think we got ourselves in this mess because some people in the financial industry became incredibly short-sighted and greedy and we had government officials who refused to say no.

Source: Interview on CNN "Piers Morgan Tonight" , Jun 15, 2011

Raise the retirement age, and limit COLA, for state workers

We must modestly raise the retirement age in an era of longer life expectancy. We must curb the effect of COLAs in a time of low or no inflation. And we must ensure a modest but acceptable contribution from employees toward their own retirement system. Without reform, the problem we face is simple: Benefits are too rich, and contributions are too small, and the system is on a path to bankruptcy.
Source: 2011 N.J. State of the State Address , Jan 11, 2011

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Page last updated: Mar 19, 2014