Page 830 - Pensions News Today

Pay nothing for $6.3 billion in annual health insurance. workers also pay little for pensions that have taxpayers on the hook for $8 billion this year. >> new york city has right now 10,000 police officers retired who are under 40 and collecting pensions and they will technically collect those pensions for the rest of their lives. >> reporter: contracts for almost all 300,000 city workers expired at least three years ago. the next mayor will be under pressure to win concessions. >> the unions ha...

April. however, in september of 2011, just 11% of us were satisfied. so, were not at the -- with the vast majority of americans not liking the direction of the country, the question becomes why. joining us now from washington. republican strategist kate obenshain. also kirsten powers a democrat and fox news analyst. powers, whats the main source of disenchantment? >> well, im not sure that there is one source. i think that, certainly, the economy is a piece of it. but, the economy is turning aro...

However, in september of 2011, just 11% of us were satisfied. so, were not at the -- with the vast majority of americans not liking the direction of the country, the question becomes why. joining us now from washington. republican strategist kate obenshain. also kirsten powers a democrat and fox news analyst. powers, whats the main source of disenchantment? >> well, im not sure that there is one source. i think that, certainly, the economy is a piece of it. but, the economy is turning around. we...

>> how hard is that? here you are living on your income, and you know exactly how much you have to spend. and then suddenly thats cut by 25%. >> i worry about whether or not i can afford another baby. and its not about affording diapers and wipes and shoes and stuff. its about the bill from the hospital to actually have the baby. >> weve had some that have had immediately, $10,000 bill out of pocket as a result of, you know, a pregnancy or pregnancy with complications. >> you know, i lost my hom...

Chapter 9, can be broken down into three parts, the good, the bad, and the ugly. first the good. bankruptcy allows a city to restructure their debt while ensuring the most basic city services can continue. it lets the city renegotiate union contracts, pensions, and benefits, a huge relief to any city struggling under the weight of those obligations. and sometimes it works. vallejo, california, is a city 90 minutes west of stockton. they filed for bankruptcy protection in 2008. the restructuring ...

Its one thing to say the public sector pension system needs to be cut back, effects will be felt unevenly, 19% employed by the government, 14% of white and 10% of latino. cutting pensions would hit black retirees especially hard. insult added to injury, significant portion of african-american seniors live in poverty. 19% currently living in poverty compared to 9% of seniors as a whole. many might call something a fix but what could actually be a system of increasing racial equalities plaguing ou...

"bucket list." now i dont know if ill have that opportunity before i die. >> that man worked for the city for 20 years. like many fellow residents its in limbo because of the citys bankruptcy filing on july 18th. 65 is no longer the goal of americans looking to the end of the beginning of working. according to a gallop poll, 37% dont expect to retire until after 65, up from 20 years ago, 22%, and 14% in 1995. more than half sur vafd sunk retirement will happen well past the golden age of 65. joi...

Its time to build a better enterprise. together. so retirement is supposed to be a time when folks can relax and enjoy their golden years. with the projected 88.5 million americans turning 65 or older by the year 2050 and cities like detroit filing for bankruptcy protection and others facing short falls across the country, its anyones guess of just how golden retirement will remain. 10,000 each day for the next 20 years. thats the number of people that will reach age 65, the traditional retire...

Saginaw county, michigan was forced to delay a municipal bond sale that would have raised $60 million for its pension fund. other nearby counties are also having credit trouble because of detroit. make no mistake, the wealthy bond holders who watch fox business and bloomberg news dont care about the workers or the pensions. they want a return on their investment. listen carefully as one fox analyst explains exactly why municipal bonds are such a good deal for the rich. >> we should point out mun...

Segment. what does this mean for other big cities? i mean, i have made the case on this program repeatedly that this is a model. ly and behold, mayor bloomberg steps up and says were going to have problems on this, too. this is really giving license and also signaling that they can get by without living up to their obligations to workers. >> i think it has a broad implication for corporate america and the promise that federal -- the federal government guarantees pengs to people who work for comp...