Presidential Hopeful NJ Gov. Chris Christie: Where Wall Street Leads, He Follows

Even though cable news shows and political pundits swoon all over NJ Gov. Chris Christie, Dean Baker is exactly right: Christie displays "follow-ship", not leadership. He is completely a creature of the Republican establishment. Yet he likes to

Even though cable news shows and political pundits swoon all over NJ Gov. Chris Christie, Dean Baker is exactly right: Christie displays "follow-ship", not leadership. He is completely a creature of the Republican establishment. Yet he likes to paint himself as a regular guy and even an outsider.

"Outsider"? Don't make me laugh. At yesterday's speech at the American Enterprise Institute, Christie said he'd never been to Trenton until he was elected governor. (As the nuns would say, "That was a bold, brazen lie!")

Married to an investment banker, he worked as a securities lawyer and then as a statehouse lobbyist representing the Securities Industry Association, Wall Street's trade association.

Appointed as a U.S. Attorney with no prosecutorial experience, his appointment was approved by Karl Rove because Christie, his stockbroker brother Todd and their wives donated a half-million dollars to Bush's campaign. Todd also spread some cash compost around the Republican Governor's Association, which used to money to run ads supporting Christie's gubernatorial race.

Oh yeah. About Todd: He was one of 20 specialist stock traders charged with civil fraud for cheating customers. Funny thing, though: 14 of those traders were also charged criminally, many for lesser infractions than Todd Christie. But we can rest easy, since Gov. Christie assures us his brother got no special treatment -- even though he awarded a lucrative, no-bid state contract to the federal attorney who investigated his brother after his brother was cleared. Christie insists there was no connection, and I'm sure he wouldn't lie, right?

You got a problem with that?

POLITICO's blog, The Arena, recently asked:

In a Wednesday afternoon speech at the American Enterprise Institute in Washington D.C., New Jersey Gov. Chris Christie called for raising the retirement age on Social Security. His willingness to tackle politically delicate entitlement programs follows his approach in New Jersey of taking on teachers’ unions and other groups. Can Christie portray himself as a teller of difficult truths and become a credible White House candidate in 2012 or 2016? Or will his YouTube-friendly shtick soon wear thin and render him largely irrelevant in Democratic-leaning New Jersey?

The fact that Gov. Christie is willing to do whatever Wall Street and the elite media tell him does not suggest that he has strong leadership qualities. If he had strong leadership qualities, he might take a moment to look at the Social Security trustees report himself, or at least talk to someone who had.

He would discover that the program can pay 100 percent of all scheduled benefits through the year 2037 and nearly 80 percent of scheduled benefits after this date for the indefinite future. After 2037 retirees would always get a larger benefit than current retirees even if Congress never does anything.

If Mr. Christie did the sort of basic research that we would expect from someone proposing to raise the retirement age he would discover that nearly half of older workers work in physically demanding jobs. It will be difficult for these people to stay in these positions well into their sixties. The share of non-college grads in physically demanding jobs is close to 60 percent.

He would also discover that that there has been relatively little increase in life expectancy for workers in the bottom half of the wage distribution, so further increases in the retirement age (we just raised it from 65 to 67) would likely mean a shorter period of retirement for low and moderate income workers.

Christie would also discover that most middle income workers have almost nothing besides Social Security to support themselves in retirement. This is due to the fact that they don't have traditional pensions, never accumulated much money in 401(k)s and just saw much of their home equity disappear with the collapse of the housing bubble.

Unfortunately Mr. Christie shows little interest in learning about Social Security, the country's most important safety net program. He just wants to do what the Washington Post tells him. That probably means he is electable, but that doesn't suggest he will be a very good president.

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