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Pension Funds and Property Taxes Plague NJ

VOORHEES, NJ-A staggering pension fund deficit, along with soaring property taxes, will be the biggest hurdles for incoming Gov. Chris Christie.

By Alyson Grala | Updated on November 24, 2009

VOORHEES, NJ-”Every problem in New Jersey is driven by property taxes,” said Assemblyman Lou D. Greenwald (D) at a Naiop New Jersey meeting held here yesterday. The event drew members of the development, smart growth and construction industries from all parts of the Garden State.

Along with the property tax issue, Greenwald pointed to the pension system as the other major cause of distress in the state. “The system is beyond fragile,” he noted. “It is probably even broken beyond repair.”

The $90-billion hole that the state sunk itself into, via the pension system, is not a partisan problem. “It is the result of years of failed policy,” said Greenwald. In other words, there has been almost no money put into the fund in nearly two decades. “Despite all of the negative remarks people have for former Gov. Jon Corzine, he put more money into the pension in three years than over the past 17 years combined,” he continued.

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