They need and deserve a bump to keep up with inflation. But now is not the time for a hike in property taxes.
The pension reform signed by Gov. Chris Christie in 2011 and approved with a bipartisan majority froze pension benefits for retirees. Retired public workers in New Jersey have lost ground every year since 2011, when the state stopped increasing benefits to keep pace with inflation. Since then, the real value of their pensions has dropped by about 20 percent, and today’s raging inflation is about to turbo-charge that loss.
. That’s just not in the cards today, so this movement amounts to political posturing. But someday, if and when the state’s fiscal health is restored, this should be on the menu. Don’t miss the best in editorials, opinion columns and commentary from NJ.com writers. Add your email here: Note to readers: if you purchase something through one of our affiliate links we may earn a commission.
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