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December 19, 2010 4:25 PM

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The Next Financial Meltdown

By: Overtime Staff
Topics: Correspondent Candids

Click here for Steve Kroft's full report.

34 Comments +

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by SouthJerseyGirl January 2, 2011 8:30 PM EST

No matter what Gov. Christie says-- actions speak louder than words. If he really wanted to make NJ economically sound he would not have given those making over $400,000 a 10 percent tax break. Either we're all in this together or we're not. Gov. Christie talks it but he doesn't walk it. Just another Republican giving the shaft to the middle class and those struggling to make it by helping his wealthy supporters.

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by WakeUPcitizen January 10, 2011 10:19 AM EST: Durr I don't have a clue about the education system but I Glenn Beck told me to hate teachers so I follow like a good little sheep.


by TheCommish21 March 21, 2011 9:00 AM EDT: While that is true, you are misleading. The tax expired under Corzine after Christie was elected. Corzine had 3 weeks to renew this 1 year tax increase if he so chose to. The problem is that the majority of those affected, by latest census 17000 families in the state, most likley lived in the Northern part of the state. Just across the border in NY, the taxes for them would have been +2% less, and in PA the state tax is only 3.09%. So you would have had a number of people leaving in that bracket never to come back. My father is one of them who just left because PA does not tax his pension, NJ does.


by RobZH December 22, 2010 4:56 PM EST: In New York it is the same old game- blame the public employees for all the fiscal problems. I recently retired- basically asked to in order to prevent others from being laid off. I did not set up the pension benefits or request any special favors as such then, 38 years ago, or now. It was a choice between lower salary and a pension or a higher salary and save more myself. The State and other munis were allowed to forego pension contributions in the good market years but nothing prevented them from making voluntary contributions which could have blunted the problem. Elected pols made sweetheart deals with individulas and big banks re pension investments that did not pan out. Is any of this the public employee's fault and what is to say that Christie and the next round of pols won't do the same dumb things. Christie says it's ancient history but I say it is business as usual in the inner circle.

Re the old trickle down theory: if it works so well ( the "plan" since the 1980s ) - how did we get in such a mess ? Also , it is totally unfair to blame school teachers for ed costs because of their "high salaries" ( note I was civil engineer not a teacher). The real problem is dysfunctional families sending in children unprepared for and disinterested in school; which, in turn, causes the State to create still more mandates for expensive sideshow "programs" to deal with it. I have no answer for that, but decimating the teacher ranks will not help.; Reply to this comment


by marcusah1 December 21, 2010 9:09 PM EST: People have not been paying attention!! Non-contributory pensions and health care benefits are not attainable given the tax structure and retirement age that have been set by contracts between unions and governmental entities. People are living longer after retirement for more years than they work and we have more retired workers than those who are working. With these individuals, retired and working, not making any contribution to their retirement or health care benefits , how can that work!! It can't!!

Every one in this Country needs to understand this, otherwise we are heading to a huge disaster where no will have anything.

The responsibility is on all of us, including corporations who somehow feel untouched by this issue but are the main contributor to this business model, thus the movement of jobs from this country overseas, hoping to negate the problems.

Shortsighted thinking has always been a detriment to any individual or group and that is what we are dealing with. Let some future generation deal with the problem, but the future generation is us!!; Reply to this comment

by dodger4754 December 21, 2010 1:36 AM EST

@subhendu...Won't work, unfortunately. We have already printed way too much money in order to pay debts. If we continue to do so, whether the Fed or the Treasury do it, the inevitable result will be rampant inflation. After WWII, in Germany, they literally had to bring a wheelbarrow full of cash to the bakery to purchase a loaf of bread due to inflation. We do not want that to happen here. The ONLY solution to YEARS of overspending is to drastically CUT spending. And that doesn't mean don't increase spending as much as in the past! It means REDUCE spending WAY below current levels! It will hurt many of us, but we are all going to have to sacrifice in order to SAVE OUR COUNTRY!

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by choirgirl0306 December 21, 2010 11:13 AM EST: @dodger4754, I agree and over here in Germany we are trying this right now. But people have to realize this will have some serious consequences. For example: We are in the middle of a very harsh winter and no one takes care of the streets and sidewalks anymore, let alone repairs. Public pools and libraries have been closed and many services too. Benefits for the unemployed and welfare has been cut as well as others. The military will be reduced and the list could go on forever. On top of that we will face higher taxes (energy,gas,tobacco,alcohol,sales tax) and a new tax on airlines 27 Euro per start or landing.
I hope it is going to work,only future will tell.
By the by, the so-called hyperinflation in Germany took place after WW I, esp. after 1923 and it was done on purpose in order to eliminate the debt resulting of the treaty of Versailles.

by dodger4754 December 21, 2010 1:36 AM EST

Reply to this comment


by oldbasicgal December 21, 2010 9:18 AM EST: Subhendu is obviously someone who wants you to go to his/her website in order to get your personal computer information. Don't do it.

Nobody can be that stupid to think that printing more money is the answer.

I've seen other comments with website links at the bottom. Be careful where you go. If it doesn't look like an official website, beware of information gatherers and computer hackers.


by tskubicki December 21, 2010 12:13 PM EST: @ddal10

Please can your misguided sanctimony

To blame Republicans for "squandering the surplus" is just a pathetic attempt to outsource the blame for a half-decade of liberal blunders. Why don't you blame Bush for creating hurricanes to kill black people, oh wait...

You've forgotten about the .com bubble burst that started months before bush took office. Also, you forgot about 9/11, and the world-changing impact it had on the US and world economy. Still more is hurricane Katrina, and it's damage to the gulf coast economy and the off-shore oil industry, the effects of which trickled down across the entire country. None of it was anyone's fault really, but the fact that liberals have politicized it is disgusting.

Despite all of that, Bush bowed out with a federal budget deficit of ~130 billion. Obama isn't even through his first term and we're already looking at 2.5 TRILLION in debt. TRILLION! If Obama had a R next to his name you would all be screaming bloody murder!

Finally, and most important of all, you forgot the legislative gun that senate and house liberals put against the heads of the banks to force them to shell out mortgages to "the poor" (AKA chronically jobless with rap sheets). What a surprise! THEY COULDN'T PAY THE MORTGAGE! Now the chickens have come home to roost, and liberals like yourself have the nerve to blame the right for consequences that stemmed from what has been a set of blatantly liberal initiatives.

This is why you've gotten your tails kicked on 11/2.

by boboday555 December 20, 2010 7:30 PM EST

Steve Kroft's laughably softball interview of that bloated, neo-con hack, New Jersey Governor/Landmass Chris Christie (R), is just more proof that either these 60 Minutes anchors don't do their homework or that they really don't care about being unbiased.
Morbidly obese Chris Christie, who obviously can't make sacrifices when it comes to stuffing his own fat face at the feeding trough, said that school teachers should make sacrifices when it comes to their salaries for the benefit of New Jersey but Kroft refused to point out, or worse, didn't know, that Mr. Christie handed out huge tax cuts to people making more than $400,00 per year.
According to Christie your kid's teacher, whose paycheck is a damn sight less than the Goodyear Governor, should have their benefits slashed for the benefit of New Jersey but those people making $400,000 per year should get a break.
Mr. Kroft also refused point out to that fat slob/Governor that many teachers do make sacrifices buy buying school supplies for the classroom with their own money and by doing work on their own time to benefit the students.
I'll bet you dollars to donuts that Mr. Christie doesn't even use his own money to buy his gargantuan breakfasts, lunches, dinners and all those huge in between meal meals.
Mr. Kroft and 60 minutes used to have my respect but over the last three weeks they've shown themselves to be spineless playthings of their corporate overlords.

60 Minutes on TIVO > DELETED!

Reply to this comment


by samiam914 December 21, 2010 12:13 AM EST: Dont insult him, because he is going to right size your fat paychek and overbloated benefits you are accustomed to; some one is working hard for your benefits and paycheck. Just don't insult people period.


by dodger4754 December 21, 2010 1:20 AM EST: Brilliant commentary based wholly on the usual liberal "politics of personal destruction". In other words, If you can't beat them with facts and logic, attack their weight (Christie), voice or sense of style or their children (Palin). Additionally, your "tax cuts for the rich" lament doesn't hold water. I'll bet you money that you have never been employed for any job you've ever had by someone drawing welfare. If cutting taxes on "fat cats" and corporations will create more jobs (which it will), then I'm all for it!

by samiam914 December 20, 2010 6:24 PM EST

Out of 5 counties in the country that have highest property taxes in the nation, 3 of them are in NY (not NYC, suburbs in NY state).
These counties are close to NJ, comapnies are moving out of this NY/NJ region due to high property taxes and income taxes, some are moving out of the country.
Something needs to be done, it is impossible for the state to pay let's say a public school teacher retiring at around age 50 with a salary of $135,000, and earning close to $100,000/year in retirement for the rest of his/her life with full benefits that adds up to well over $3,000,000. People are moving out too, due to unbearable property taxes and lack of jobs in this region.

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by sred123 December 20, 2010 8:08 PM EST: What state do you live in? I would love to teach there, you have no clue get your facts strait! a teacher working 40 years in my district caps out at 89K ...after 40 years. after 10 years of service you get a whopping 60k . Why not look at the real problem, administration where you have folks making 250K and benefits including health club memberships. It is not the folks in the classroom taking care of your children who you should take aim at

by mrmarketcap December 20, 2010 1:15 PM EST

Public pensions will be the death of our free spending. Tax rates will need to go to 100% so that government employees can made $100,000 per year in retirement for 30 years or more. (plus receive free medical benefits). That's over $3,000,000 in case you are doing the math for just one employee.

Who will stand up to the unions and stop this madness while the private sector goes broke.

Reply to this comment


by dodger4754 December 21, 2010 1:26 AM EST: "Who will stand up to the unions and stop this madness while the private sector goes broke."
The answer: Chris Christie! He has what it takes to straighten out this country's finances.
CHRIS CHRISTIE FOR PRESIDENT, 2012!
Go to: draftchristie2012.com to sign the petition!


by boboday555 December 22, 2010 6:11 PM EST: Chris Christie for President?
Sorry I need someone with a little bit more self control than that walking coronary.
Mr. Christie like to attack Unions which only guarantee The American People a living wage and some job security from the greedy executive's insane business practices that usually end up costing The American their jobs and livlihood.
Unions have been destroyed by folks like Chris Christie and look where we are now?
Filthy CEOs now make, on average 520 times that of the average worker.
And where does this money come from?
The paychecks of the workers.
Unions are the only way The American People can battle the Biblical Greed that has been oozing out of folks like Chris Christie for the past 30 plus years.
Chris Christie is the poster boy for the filthy 'Money Changing'parasite on Wall-Street.
Adn he's obvuiously already started his disinformation campaign.


by tjbseattle December 20, 2010 11:38 AM EST: The Governors of the States can only
spend money they have!
They must cut, and prioritize just like us!; Reply to this comment

by ddal10 December 20, 2010 9:02 AM EST

Grover Norquist, a major conservative once said, "Government must be shrunk down to a size small enough to drown it in a bathtub" Now how is that done in laymans terms? George W. Bush comes into an Office and inherits a Big Surplus courtsey of the Clinton Administration. He and his Republican friends in their unfailing support of Grover Norquist, spend like maniacs untill the Tresury is cleaned out of Taxpayer Dollars. They then say with a straight face, "Oh my goodness, we don't have any money left for Social Security or any other Social Programs", and then blame everything on Obama and the Democrats. Many Americans accept this as the Gosspell and reelect Republicans to teach them Democrats a lesson! Great!

Reply to this comment


by chevyhotrod December 20, 2010 9:22 AM EST: All spending bills begin in the House, who controlled the House during the Clinton Administration during balanced budgets and surpluses?

Bush's and the Republican congress did over spend, but what has been going on since the Democrats took control of congress in Jan. 2007 and President Obama in Jan. 2009 is freaking insane.

Get your facts straight before posting nonsense....


by tskubicki December 21, 2010 12:14 PM EST: @ddal10

Please can your misguided sanctimony

To blame Republicans for "squandering the surplus" is just a pathetic attempt to outsource the blame for a half-decade of liberal blunders. Why don't you blame Bush for creating hurricanes to kill black people, oh wait...

You've forgotten about the .com bubble burst that started months before bush took office. Also, you forgot about 9/11, and the world-changing impact it had on the US and world economy. Still more is hurricane Katrina, and it's damage to the gulf coast economy and the off-shore oil industry, the effects of which trickled down across the entire country. None of it was anyone's fault really, but the fact that liberals have politicized it is disgusting.

Despite all of that, Bush bowed out with a federal budget deficit of ~130 billion. Obama isn't even through his first term and we're already looking at 2.5 TRILLION in debt. TRILLION! If Obama had a R next to his name you would all be screaming bloody murder!

Finally, and most important of all, you forgot the legislative gun that senate and house liberals put against the heads of the banks to force them to shell out mortgages to "the poor" (AKA chronically jobless with rap sheets). What a surprise! THEY COULDN'T PAY THE MORTGAGE! Now the chickens have come home to roost, and liberals like yourself have the nerve to blame the right for consequences that stemmed from what has been a set of blatantly liberal initiatives.

This is why you've gotten your tails kicked on 11/2.

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