From: Justin Escher Alpert <justinalpertesq@escheralpert.

com>
To: Paul Mulshine <pmulshine@starledger.com>
Cc: "sensweeney@njleg.org" <sensweeney@njleg.org>; "senkean@njleg.org" <senkean@njleg.org>;
Asm. D. O. Prieto <asmprieto@njleg.org>; "asmbramnick@njleg.org" <asmbramnick@njleg.org>;
Sencodey <sencodey@njleg.org>; Asm McKeon <asmmckeon@njleg.org>; Jasey Asw. D. O.
<aswjasey@njleg.org>; "senotoole@njleg.org" <senotoole@njleg.org>; "senlesniak@njleg.org"
<senlesniak@njleg.org>; Senator Joe Kyrillos <senkyrillos@njleg.org>; "asmschaer@njleg.org"
<asmschaer@njleg.org>; "tmoran@starledger.com" tmoran@starledger.com
Sent: Thursday, January 14, 2016 11:07 AM
Subject: The Pension

Democrats still have time to avert a ballot disaster on that pension question | Mulshine

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