Page 4 - Pension Problem News Today

You dont have. you know, government has got to stop growing so big. ive been trying to say that for years, and unfortunately this has just been kind of ram rodded for the last ten years spinning out of control. the pension problem has been a lot longer than that, but the actual budget problem that we have right now has been over the last ten or 11 years. bill: i dont know how youre going to solve it but were going to follow it. weve seen stories, watched them in ohio and illinois. so many folks ...

>> 15 minutes after the top of the hour. if youre just waking up, heres our next topic. new yorks pension problem is spiralling out of control. whats their plan to fix it? get this, new york state is paying this years pension costs by tapping into the pension fund that it already owes money on. >> this year alone, the state is borrowing $750 million, 3/4 of a billion to cover its costs but what happens next year? >> ill take it from here. hi, stuart varney. >> greetings, young man. >> is any of ...

Government has not. the majority of states are facing budget crises. lets take a look at top five states and how they are dealing with their budgets in wildly different ways. for instance, texas is capping its rainy day funds, new york as you mentioned, budget cuts. illinois, a massive tax hike there. california a temporary tax increase, and florida big tax break. so which strategy is most effective? >> one of the beauties of having 50 states is you get to see what works. we have states with hou...

Move over, wisconsin. theres a new battleground pitting unions against communities trying to balance a of budget. its costa mesa, california. last week nearly half the citys workers got laid off notices, pink slips. the move stunned union leaders and workers. one city employee apparently jumped to his death just hours after the notices went out. a member of the costa mesa city council joins us and the only one that voted against the layoffs. wendy, you said you think the city council acted reckl...

Reduced benefit in the fewture and thousands of employees converged on the capitol. back with the panel. what about this, fred? >> there are not many things that democratic politicians being cross purposes with organized labor. labor is part of their constituency and huge part. it gives them money. its tough for them. in california, jerry brown talked about this and running for governor. he has done nothing so far this year. maybe he will negotiate. he has a budget but it doesnt include pension....

Unfunded pension liabilities. they are asking them to take reduced benefit in the fewture and thousands of employees converged on the capitol. back with the panel. what about this, fred? >> there are not many things that democratic politicians being cross purposes with organized labor. labor is part of their constituency and huge part. it gives them money. its tough for them. in california, jerry brown talked about this and running for governor. he has done nothing so far this year. maybe he wil...

Was it caused by the police? was it caused by firefighters? no. wealthy c.e.o.s -- >> not true at all. it was by auto workers demanding so much money, clocking out at 5:00 p.m. -- each day. >> i didnt cause the problem either, but i dont stand here saying that my salary shouldnt go down. megyn: shes suggesting that the teachers are earning less -- >> the real question is can we afford right now -- one of the things thats not part of the discussion is the pension problem. we laugh a $3 trillion u...

Off. the mayor of chicago said that we ought to bankruptcy the chicago pension problem. megyn: even governor spitzer has said that -- >> governor cuomo. megyn: excuse me. i like this point, because ive been trying to make this. i want to ask you. yes, there were two parties at the bargaining table. its not just like the unions got to say, this is what we get. there was another party on the opposite side of that table that gave it to them. elected officials. one the criticism is that its really t...

Finance, insurance, and real estate. that starts with town mays are in the small towns, the governors on the state level, senators, house of representatives up to the president who took a million from goldman sachs. families, depressed mothers, emasculated fathers, and people who have set out to try to help in their communities, firefighters, cops, judges, and teachers, the lives of those people and the breaching of the culture of fairness that this country was founded on is of no value to these...

The future >> what our politicians dont want to talk about, they need to accept slower goethe in health care and pensions if were going to free up the money to do the r&d and infrastructure and those trade-offs are what politicians dont wantç to talk about. >> what tif they came in and said, we have employee-based monopoly health care and fee for service. so well break that, get rid of free for service, drop your health care costs, pension problem solved, and now, brent, im investing money in ...