Page 832 - Pensions News Today

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 245ir not the only problem and they werent real...

And also not just pensions, but city services, infrastructure, all of it. in comparison, over that same period of time, new york has seen its population grow by more than half a million people, its not been detroit. and another thing, detroits economy has been nothing short of catastrophic. according to the citys own bankruptcy court declaration, the city lost approximately 80% of its manufacturing base. new yorks economy by contrast has been booming. booming under bloomberg for better or worse....

Pensions that is affect afc being the city is playing out and lots of other places in the country. has an enormous pension problem looming on the state of horizon, chicago does and so do many other big cities. detroit and resolution to this pension problem, i think, will serve as an example to other cities grappling with the balance of interest between the creditors on one side and the retirees on the other. >> you say an extreme example. we talked about these stats in rents weeks but bear repea...

The time. his ex-wife, now reportedly fighting for custody because of the incident. bill: what a moment that must be. heather: terrifying. bill: the largest u.s. city to ever file for bankruptcy might be forced to sell some of its most priceless assets to try to stay afloat. international auction house christies, it will appraise part of detroit institute of art collection, that is the dia in michigan. including pieces by vincent van gogh like you see here. unemployment rate, 18.6%. 40% of the c...

Implications for him, too. he has to make progress especially with so many people in the union looking at pensions. did he inherit the problem or establish the budgetary crisis. >> to be fair, he inherited most of the problem. promiseless were made to the retired of the cities. big promise well pay all of the health and pension benefits way out in the future and now the bill is do and they cant afford it. they have a definite 340 million. in 2015 it sky rocketed to a billion. >> it is the third ...

Eroded. our members have sacrificed like never before. we sacrifice in giving up pensions. 40% of our pensions have been cut. we gave up wages, 10% of our wages in this fiscal year have been cut. we have sacrificed. but we cannot be used as a scapegoat. right now our pensioneers, those who have served the city well and worked 35 or 40 years and retired, they retire on $19,000 -- on average, $19,000 a year. now theyre talking about under this bankruptcy proceeding going after the $19,000 a year. ...

Borrowed too much and cannot repay and pensions above all else, pensions are the killer. they have a teachers union fun in collapse and four other pension funds have a liability of 19 billion. and what is ra m emmanuel going to do? he has to taken on the unions and beat back the pension and he will not get help from the state of illinois and he cant raise taxes they are sky high already and this is what you alluded to will not get a bail out from president obama. >> you dont think so. >> if the ...

Rights for all americans. we need to be pushing universal voting rights rather than trying to take voting rights away from people. >> and you and martin luther king iii and i are going to be doing a big march on that later this month. well talk about that in a minute. talking about votes, though, today is the primary day in detroit. and your workers and members are under particular assault in this emergency management, and now bankruptcy in detroit. and detroit is being used as a symbol of attac...

What would you do to solve a problem like detroit or even something bigger like the incredible growing class of poor people? >> well, what you want to do first -- >> either. take your pick. >> detroit, you have to analyze what really happened there. why did it go wrong? now, there are obvious things. the city whats been run by democrats unchecked since the last republican mayor was 1957. okay? youve had -- that town has been a petri dish of everything the democrat party stands for, everything th...

Like detroit or even something bigger like the credible growing class of poor people? >> well, what you want to do first. >> either. >> detroit, take a look at what happened there. why did it go wrong? there are some observe things. the city has been run by democrats unchecked since -- i think the last republican mayor was 1957, okay? youve had -- that town has been a petrie dish of everything the democrat party stands for, everything the democrat party loves. massive unions, massive pensions, p...