Another fiscal-cutting measure still lies on the Governor's desk — it's the one that reduces spending by way of statutory tweaks to the state's negotiated union contracts with public employees.
The question — whether or not the Governor will sign it — should really be sidelined until the media asks: how much will the measure really save taxpayers? That number has not been scrutinized by recent reporting.
Early on in the process, news accounts put the pension reform savings in the neighborhood of $300 million over the next 15 years (Star Ledger 6/11/08, Star Ledger 6/13/08, The Record & The Herald News 6/13/08, and The Press of Atlantic City 6/13/08) — that's before the reform package was watered-down.
But after the merging and purging of the budget committee, one very different bill emerged. Prompting then, what's left of those original projected savings and when will they kick in?
Unfortunately some of the statehouse's best reporters just keep recycling the same number — $300 million over 15 years — even after key provisions were eliminated from the committee substitute, (Inquirer 6/21/08, Star Ledger 6/21/08, The Record 6/21/08, The Record 6/22/08, Star Ledger 6/24/08, an editorial and story by The Record, 6/25/08 and again The Record 6/25/08).
While the nitty-gritty details on the compromise bill were reported accurately, the savings estimates were never readjusted for the readers.
Even the Ledger's editors seem a bit confused by the reporting. In Monday's editorial "A budget without ribbons", the Ledger still informed its readers the measure is "expected to save the state $300 million over 15 years by raising the retirement age from 60 to 62, eliminating Lincoln's Birthday as a state holiday and requiring part-time government workers to earn at least $7,500 to qualify for a pension."
Let's set the record straight before the Governor acts.
