PARSIPPANY, N.J. (CBSNewYork) — Business and community leaders will make up a new pension study commission that New Jersey Gov. Chris Christie is forming.
“The study commission’s charge is to think long-term,” Gov. Christie said.READ MORE: NYPD Trying To Identify Man Accused Of Attacking 11-Year-Old Girl, Making Sexual Threats
as WCBS 880’s Levon Putney reported, Gov. Christie said no idea to fix the growing problem will be ignored, Putney reported.
“Over the last four years, 57 percent of all increased revenues at the state level have [sic] gone to pensions, health benefits and debt service,” Gov. Christie said.
Starting in the fiscal year 2018, the state will be required to pay the federal government hundreds of millions of dollars in penalties for high-cost insurance plans, Christie said. He also said without changes soon, the pension system will overwhelm the state budget.
Christie said it would kill the economy to raise the billions of dollars needed through higher taxes.READ MORE: Cuomo: New York State Hospital Workers Must Get Vaccinated, No Testing Option; New CDC Guidance Under Review
“There is no level of available taxation that will answer this problem,” he said.
As WCBS 880 reported, the new commission’s findings are expected just after Labor Day.
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