Page 831 - Pensions News Today

People who get pensions go out and spend that money and circulate it through the economy. theres some economic growth. eventually more people show up at your store to buy furniture. thats how the economy works. its counter-stimulus to take this money, a trillion dollars out of the economy now. >> especially when folks are living on that margin, every additional dollar gets spent in rent or food or any of those other consumer items. >> thats right. when you talk about percentage of african-americ...

What affects people, whats on their kitchen table? welcome back to "the ed show." thankses for watching. when i started out several weeks ago talking about detroit, i said the citys bankruptcy would set the standard for shafting workers out of their pensions all across the country. and tonight, theres evidence the problem is even worse than we thought it was going to be.

He said it was the most ridiculous thing he ever heard. >> what if we turned to mayor bloomberg and say i think you own too much. i know you didnt he shall it like the workers did, right? youre special. come. on lets talk about fairness here fairness has left the building. see the million of dollars paid out over my administration, this is wrong. this is what weve got to stop. >> he is in the vanguard of that group that says no more define benefit pensions. they want to go to a system where we l...

Before our segment here. the new york state teachers if you said, theyre unionized. that is funded at 90%. the city fund is funded at 60%. so you have one fund quite healthy in term of the assets to meet their liabilities and another fund that needs help. there is no getting away from the fact that lots of cities, lots of unions, lots of pensioners are going to have to get in there and figure out ways to make this equation work better. and in fact, 43 states have done precisely. that i think thi...

To a city. ill tell you what. you have to be a filthy rich guy to have that kind of an attitude. for more, lets turn to new york city democrating mayoral candidate, bill, good to have you with us. >> good to be here. >> mayor bloomberg says new york city was paying $1.4 billion for pensions in 2002. by 2009 it was $6.9 billion. first of all, is this number correct? and why is it that number in. >> weve seen real growth in the money we have to put into pension on the gagss but a lot of that was t...

Accountability for the decisions that elected politicians make themselves made promise thes could not keep but there is some accountability there. and you said yes, i know this was often bad politics. not sound public stewardship. we have to treat decisions made by elected officials as well. decisions made by the citizens of those locales. if the citizenry can demand to reegg in at any time, government cant function at all. not even the bits we like like police and roads. can you expand? >> i th...

Bargaining themselves didnt exert the force they could have. instead, they sort of exerted maximum benefit which looked good when they went to their members. but they did not say, okay, maximum contributions now. i think that is something where everyone made a bunch of mistakes. the fact is that now these pensions were promised. people did work for years under the impression they would get them. and to the extent that it is possible, cities and states have a responsibility to make sure these fun...

In power. out goes the mayor who is in league with the unions and city workers to rig elections and to let laugh laugh -- lavish pensions on city workers. in comes professionals like david cavazos. his business is run this city. without reference directly to voters, to unions, to pension funds. just run the city and keep us out of bankruptcy. >>peter: on one side, it sounds good. the vestiges of tammany hall and patronage politics and pay for play ruined cities across the country. >> thats my. >...

Of the greece scare? the republicans have had to move on. theyre finding a new nightmare scenario if we dont pass their agenda into law. new yorks mayor michael bloomberg has begun raising the spector of detroit. according to the new york post, bloomberg said cities across the country all face the prospect of pension costs, more and more of their budget and new york is no exception. as you can see from this chart, theres no doubt. no doubt at all, that pensions and health care costs are a proble...

On. theyre finding a new nightmare scenario if we dont pass their agenda into law. new yorks mayor michael bloomberg has begun raising the spector of detroit. according to the new york post, bloomberg said cities across the country all face the prospect of pension costs, more and more of their budget and new york is no exception. as you can see from this chart, theres no doubt. no doubt at all, that pensions and health care costs are a problem. but theyre not the only problem and they werent rea...