Page 813 - Pensions News Today

Appointed by the governor, who is virtually a dictator, did the bankruptcy filing. it was the governors agent. >> the judge said there is not enough evidence to say the fix was in, what was your opinion of -- when people look at detroit, they say classic story of big government gone awry. too many employees and pensions, why did detroit go bankrupt? >> the numbers just dont depict that. we took a good look at the numbers, the great reception drove unemployment up to 30%. it was a devastating eve...

They wrote a great article on the $20 billion in art owned by detroit. if they sold that art, that would take care of the debt and save the pensions for all those workers. sell the damn art. dont hide it. and the third and final suggestion, put trump in charge. that guy got that wellman skating rink when no one else does. he gets stuff done. >> lets skip ahead. the next one in the rundown which is ed henry with jay carney. take a listen about what he meant by saving detroit. listen. >> is the pr...

That should be hurt by it. >> speaking of pensions, lawmakers narrowly passed sweeping reforms, which include raising retirement ages and changes to cost of living increases. supporters say the move will eliminate a $100 billion pension shortfall over the next 30 years. democratic governor pat quinn says he will sign the measure. labor unions and other opponents are vowing to fight the overhaul. they say any changes violate the states constitution, which prohibits reducing benefits. >> detroit c...

One driver killed and several others injured. >> union leaders are going to court after detroit was ruled to go ahead with the bankruptcy planned and now the city has the right to cut pensions for thousands of retirees. look at the numbers folks: they are facing a crushing level of debt. $18-$20 billion. budget deficit $380 million. 17.7% unemployment rate and a quarter of a million people have dropped from the population and down to 700,000 people today. matt, obviously no one wants to see the ...

Long time ago. but you are running out ouf mof money. detroit, for example, has twice as many pensioners as they do employers in the city. it comes done to math. you have to bring in x-amount of dollars to bring in x-amount of doctors. and in chapter nine pensions are not covered. think about los angeles, chicago, philly and three other cities that could see this coming up >> illinois is starting to make changes. tell us about what they are doing? >> you have to see some of the unions make conce...

Quote, the city no longer has resources to provide the citizens with police, fire, and emergency services. of particular importance are those 20,000 or so city retirees with guaranteed pensions that are no longer guaranteed. the ruling holds that federal law supercedes. detroit is now officially out of voters hands. >> i dont think we have a final determination as to what although of the elements are going to be to get us through this process. but it is a process that i think we need to take a l...

Years and do the things with their pensions, if the politicians had the guts to do what chris christie did in new jersey and scott walker did in wisconsin and now illinois and people go out and scream and yell and i understand they want to get the best deal and they should negotiate for the best deal, but you asked where this problem came from. the problem came from unions that pushed politicians. the exchange for votes and money. there people now and jerry brown i think in california from what ...

Salaries, massive pensions. redistribution with the business model for detroit, and redistribution along with a whole lot of union support destroyed a once global manufacturing powerhouse. theres a major cultural problem there, too. listen to this smart young african-american rapper get to the root of the problem, and hes got a pretty darn good solution to fix it, too. >> basically all it is is drugs and poverty. i mean, every kid has his own decisions. like kids may say i ended up here just bec...

Bankruptcy. >> then the emergency manager appointed by the governor, who is virtually a dictator, did the bankruptcy filing. it was the governors agent. >> the judge said there is not enough evidence to say the fix was in, what was your opinion of -- when people look at detroit, they say classic story of big government gone awry. too many employees and pensions, why did detroit go bankrupt? >> the numbers just dont depict that. we took a good look at the numbers, the great reception drove unempl...

Already in hospital readmission rates that point to the fact it is having a good effect. thank you, both. coming up, today in detroit, life got even harder for a lot of people. for 29 years they took out money from my check to go in to my pension. and the city was supposed to put out an equal amount of money. they didnt fund it like they were supposed to but they got my money, and then they sit around now and theyre going to renig on the promise that we got. >> im going to talk about how wall ...