State of New Jersey Archives: on Social Security

Phil Murphy: Divest NJ pension fund from private equity

• Creating a public bank to invest in Main Street, so that NJ money is put to work for NJ, not for Wall Street;
• Divesting our pension funds from hedge funds and private equity;
• Establishing a state-level Consumer Financial Protection Bureau and strengthening existing regulations in light of President Trump's efforts to roll-back the federal Dodd-Frank Wall Street reform law.

Steve Fulop: Keep our promises: made city pension system more secure

We could have taken the approach that others have tried: Renege on our promise to workers. Balance our budgets on the backs of working families. Strip older workers of security at the time they need it most.

We could have done that... but then again, we believe in keeping our promises. The Fulop Administration hasn't made excuses. We've met our pension obligations every year--and began to right the ship. Our pension system is more secure than when we started. And that's true for the workers who rely on it too.

Tom MacArthur: Protect our promise, but strengthen program for future

Jeff Bell: No means testing or other confiscatory schemes

A: Compared to such out-of-control Federal entitlement programs as Medicare, Medicaid and food stamps, Social Security is in reasonably good shape. The bipartisan rescue plan of 1983 built up the trust fund in anticipation of the retirement of the baby boomers. I disagree with those who say the trust fund should be regarded as mythical because there is not some vault in Washington with government bonds sitting in it. This money from worker and employer payroll taxes was committed to future retirees. It is not the fault of those retirees or of the Social Security Administration that Washington spent the payroll-tax surpluses of three decades on other government programs to make the annual Federal deficits look smaller. Millions of Americans paid into the system, roughly proportional to their lifetime income, in anticipation of future retirement, and there is no way their benefits should be cut back by way of "means testing" or other confiscatory schemes.

Jeff Bell: Cut payroll tax rate to reduce baby boom deficit

A: The future deficit in the system is due to the reduced birth rate since the 1960s, and to return to balance the Social Security system should be modestly downsized without changing its contributory and pro-family structure. The best way to do this, in my view, is by a payroll tax cut of about 20%--from the current 6.25% Social Security portion of the tax for both employer and employee to 5% for each. This would trigger a corresponding decline in the growth rate of future benefits, but only to the extent a worker benefited from the tax cut. Under this plan, everyone's projected benefits would continue to rise--they would still increase with both wage growth and price inflation--but for beneficiaries of the tax cut they would grow less than under current law. This would be enough to rebalance and fully fund Social Security for decades to come.

Chris Christie: Pension reform: raise retirement age, suspend COLAs

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.

Chris Christie: Raise the retirement age, and limit COLA, for state workers

We must tackle this year is our antiquated and unsustainable pension and benefit system.
• Without reform, pension and health care benefit costs will increase by more than 40% over the next four years.
• Without reform, the unfunded liability wil grow, from $54 billion today to a staggering $183 billion within 30 years.
• Without reform, the required annual pension contribution by the state will grow to over $13 billion annually over that same time period.
• Without reform, the beneficiaries of the system face a high risk of catastrophe which would place ALL of their benefits at risk.

Robert Menendez: Opposes privatization and fought Bush’s privatization scheme

KEAN: I oppose privatizing Social Security. Unlike my opponent, I also oppose raising Social Security taxes on seniors and giving Social Security benefits to illegal aliens.

MENENDEZ: No, I strongly oppose privatizing Social Security. Unlike Tom Kean Jr., I’ve consistently fought President Bush’s privatization scheme. We must protect benefits, not cut them.

Thomas Kean Jr.: Opposes both privatization and raising seniors’ taxes

KEAN: I oppose privatizing Social Security. Unlike my opponent, I also oppose raising Social Security taxes on seniors and giving Social Security benefits to illegal aliens.

MENENDEZ: No, I strongly oppose privatizing Social Security. Unlike Tom Kean Jr., I’ve consistently fought President Bush’s privatization scheme. We must protect benefits, not cut them.

Robert Menendez: Against privatization; but says Kean has voted for it

MENENDEZ: Tom Kean Jr. cannot erase his record when it comes to privatizing Social Security. On three separate instances he took the Bush position in favor of privatization. In 2000, my opponent said that he backed Bush’s scheme to privatize social security. In the state legislature, Tom Kean Jr. voted to support Bush’s plan to privatize Social Security. Twice. Pres. Bush is again rallying his troops--including Tom Kean Jr.--to create private accounts & dip into the Social Security Trust Fund.

KEAN: In 1999, when Bill Clinton proposed investing Social Security in risky privatization scheme, Bob Menendez said, “by investing today, we can be sure Social Security... will be there tomorrow.” Now he says he’s against it. Make no mistake, Bob Menendez is ready to privatize Social Security if it is what the political party bosses tell him to do.

Thomas Kean Jr.: Against privatization; but says Menendez has supported it

MENENDEZ: Tom Kean Jr. cannot erase his record when it comes to privatizing Social Security. On three separate instances he took the Bush position in favor of privatization. In 2000, my opponent said that he backed Bush’s scheme to privatize social security. In the state legislature, Tom Kean Jr. voted to support Bush’s plan to privatize Social Security. Twice. Pres. Bush is again rallying his troops--including Tom Kean Jr.--to create private accounts & dip into the Social Security Trust Fund.

KEAN: In 1999, when Bill Clinton proposed investing Social Security in risky privatization scheme, Bob Menendez said, “by investing today, we can be sure Social Security... will be there tomorrow.” Now he says he’s against it. Make no mistake, Bob Menendez is ready to privatize Social Security if it is what the political party bosses tell him to do.