The news gets worse

New Jersey’ pension system — through no fault of the state’s employees — is in complete disarray. Thanks to the efforts of several gubernatorial administrations (of both parties) and a compliant state Legislature (run at times by both parties), there is not likely to be enough cash in the system to pay off the workers who eventually might like to retire.

And, according to The New York Times, things maybe worse than we think.

In 2005, New Jersey put either $551 million, $56 million or nothing into its pension fund for teachers. All three figures appeared in various state documents — though the state now says that the actual amount was zero.

The phantom contribution is just one indication that New Jersey has been diverting billions of dollars from its pension fund for state and local workers into other government purposes over the last 15 years, using a variety of unorthodox transactions authorized by the Legislature and by governors from both political parties.

The state has long acknowledged that it has been putting less money into the pension fund than it should. But an analysis of its records by The New York Times shows that in many cases, New Jersey has overstated even what it has claimed to be contributing, sometimes by hundreds of millions of dollars.

The discrepancies raise questions about how much money is really in the New Jersey pension fund, which industry statistics show to be the ninth largest in the nation’s public sector, with reported assets of $79 billion.

State officials say the fund is in dire shape, with a serious deficit. It has enough to pay retirees for several years, but without big contributions, paid for by cuts elsewhere in the state’s programs, higher taxes or another source, the fund could soon be caught in a downward spiral that could devastate the state’s fiscal health. Under its Constitution, New Jersey cannot reduce earned pension benefits.

This is a disaster with longterm implications for the state. We have an ethical obligation to replenish the fund as quickly as we can — but this will mean increasing taxes, dwindling services and a broken economy to follow.

South Brunswick Post, The Cranbury Press
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Runner’s diary, Wednesday

Bike and then a run:

Five miles on the bike in about 13:50 — not too bad. Haven’t done the stationary bike much and may need to rotate it into my routine occasionally.

Then, with already tired legs, three miles running on the treadmill in 27:10.

Today’s iPod selection: The Hold Steady, Boys and Girls in America

South Brunswick Post, The Cranbury Press
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Endorsements are piling up

Assemblywoman Linda Greenstein may be running out of time.

Another group has come out for Assemblyman Bill Baroni in his campaign to replace state Sen. Peter Inverso, who is retiring from his senate perch this year.

Baroni snatched several major labor endorsements from state public employee unions and laborers. Today, it won the endorsement of a South Brunswick union, according to Politics NJ.

PBA Local 1066, which represents police officers in South Brunswick, has endorsed Bill Baroni for State Senate. “We work hard at protecting our communities and Bill works hard at protecting our future from corruption and abuse”, said PBA Delegate James Ryan. “Bill has been one of New Jersey’s hardest working legislators and we have maintained an open dialogue since his election to the Assembly.”

Greenstein had an uphill climb to begin with against Baroni and as the endorsements mount that climb becomes even more steep.

***

On a related note, some readers of the paper the last few weeks may have noticed that we have spent time covering the legislative races. That represents a change — one our readers seemed interested in. We will be covering the race this year by focusing on those issues that have a direct and indirect impact on Cranbury, Jamesburg, Monroe and South Brunswick.

And we plan to endorse.

The Dayton papers — the South Brunswick Post and The Cranbury Press — cover towns with a total population of about 80,000, meaning we represent about 40 percent of the district. Add the two Packet towns — Plainsboro and West Windsor — and we have a majority.

I’ll pass along more lateras we develop our coverage guidelines.

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CD spree — featuring Bruce Springsteen

My musical choices are spelled out for the next few months. Fountains of Wayne have a new disc out — today in fact — and Wilco’s new disc is due in May. And there is a new Arctic Monkeys‘ single available for download as of Sunday.

And then there is this, from Bruce Springsteen:

Columbia Records will release ‘Bruce Springsteen With The Sessions Band Live in Dublin’ June 5, a concert DVD, and separate two-CD set release. The two-CD set and DVD both feature 23 songs drawn from the band’s performances in Dublin, Ireland at The Point on November 17, 18 and 19, 2006. Songs include fan favorites from ‘The Seeger Sessions,’ radical interpretations from the Springsteen songbook and rare songs appearing for the first time on any Springsteen release.

Springsteen’s longtime manager Jon Landau said, “‘Live in Dublin’ charts the development of a band from an informal gathering in Bruce’s living room to an onstage powerhouse. It also documents the growth in Bruce’s vision of American music; it includes folk music, blues, Dixieland, country, swing, gospel, rock, down to and including his own writing. It’s all performed with Bruce’s classic energy and focus. I think it’s some of the finest music he’s ever made.”

The DVD and CD captures the band during the finale of its multi-leg 2006 tour. The Word Magazine (UK) said of a concert on this tour, “I have never, make that NEVER, seen a show better than the one mounted by Bruce Springsteen and his band at Wembley Arena on Saturday, November 11, 2006.” The Sunday Business Post Agenda (UK), in a 5 star review, said, “During the concert’s numerous high points, the crowd was ecstatic and Springsteen was the preacher, spreading a welcome message: We’re open all night.”

Bruce Springsteen with The Sessions Band’s tour last year prompted other incredible reviews. “Sometime, somewhere, a more dramatic and exhilarating confluence of music with moment may have existed… But in nearly 40 years of concert-going, I haven’t witnessed one,” said LA Times. The Washington Post declared, “It was the best live show I’ve seen in at least five years. (And I’ve seen a few.)” Meanwhile, The Independent (UK), said, “It’s been an astonishingly rich evening.” The Observer (UK) proclaimed, “Springsteen and the Seeger Session band were an inspiring triumph.”

‘Bruce Springsteen With The Sessions Band Live in Dublin’ was produced by George Travis and produced and edited by Emmy Award winner Thom Zimny, who recently took home a Grammy Award for directing “Wings For Wheels: The Making Of Born To Run,” a DVD in the acclaimed ‘Born To Run’ box set. Legendary mixer Bob Clearmountain mixed the DVD in both stereo and 5.1 surround sound. Bob Ludwig mastered the DVD and CD at Gateway Studios. Documented with nine cameras, the concert was filmed in High Definition (HD).

Make room on the CD racks.

South Brunswick Post, The Cranbury Press
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