Democrats still have time to avert a ballot disaster on ... On
Tuesday Gov. Chris Christie exposed
the weaknesses in the Democratic
argument for guaranteeing public
pensions; now former Gov. Tom Kean
explains why Stev...
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Dear Mr. Mulshine: Maybe our problem is cognitive. What if we
were to take a step back and instead of looking at The Pension as a
liability, we were to look at it as an asset (presently valued at
$87.3 billion)? Well, then our whole stance could change. The
Pension could act as a major player to create an accountable
infrastructure for investment in the State. The Pension could back
community reinvestment banks that could repatriate securitized
mortgages (perhaps at a discount) and invest in attractive and
affordable housing starts. For a billion dollars, the Pension could
buy the assets of the State's largest REIT and return commercial
property to local ownership and better account for rents and
salaries. With an accountable infrastructure that responsibly
returns the Value of real assets to The People of The Garden State,
we can begin to cultivate a general sense of Prosperity as we
better-manage our cash flows. We can even accountably extend credit
to members of the community to own homes and start entrepreneurial
businesses. Then, the question of an obligation to fund The Pension
would be moot... we would WANT to fully fund the Pension as quickly
as possible by any means necessary because The Pension would be
responsibly INVESTING in The Garden State and its People and
creating broad prosperity and real intrinsic value (as opposed to
the merely notional value returned by Wall Street). With proper
regulation of profits (something admittedly against Conservative
orthodoxy as of late, but as a temporary emergency measure) and
payment of real living wages (no more, no less) to skilled and
educated members of every community to do the Work that is
necessary to maintain a healthy community, the
Pension-backed community reinvestment banks could even take on
significant investment from interests outside the State. This
approach should be paired with a robust municipal finance program
to get local Public Schools, Public Hospitals, Public Libraries,
and Public Parks up to standards. As we create real Value, that
Value can be retained by residents of The Garden State. A
more-dynamic economy will enable us to responsibly lower our tax
burdens. We need a new approach. Drumthwacket cannot afford to Lead
with Fear. Perhaps the Legislature can responsibly point The
Executive in a new direction. The State has a cash flows problem
that needs to be stemmed. We should be pressure testing The System
with liquidity and stopping the leaks. With responsible Controls,
we can empower State residents to empower themselves and their
communities, and perhaps set the Standard of Excellence for the
country to follow. Thank you, Mr. Mulshine, for always
intelligently Leading the discussion. There seems to be so much we
could accomplish if we just tapped the desire to creatively do so.
Now more than ever, The Garden State is in need of Strong
Leadership. Very truly yours, Justin Escher Alpert Livingston, New
Jersey (917) 406-2323
![The People’s Pension Scheme Statement of Investment Principles€¦ · and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations 2018]](https://img.pdfslide.us/doc/110x75/5f9a4a1ef393a706ea244b87/the-peopleas-pension-scheme-statement-of-investment-principles-and-occupational.jpg)
