Page 840 - Pensions News Today

They are expected to touch on health care, housing, college and the strengthening of the middle class which are familiar themes from his presidential campaign. when it comes to detroit when you crunch the numbers, its a dauntsing equation. the largest american city to enter bankruptcy is $18 billion in debt. nearly one-third of it owed to retiree health care alone. michigan governor rick snyder who said in 2011 hed not let the city fall into bankruptcy now says there is no other choice. >> do ...

Railings of the palace behind me, waiting for the moment the easel appears. like us, were all waiting, too, tamron. >> all right. thank you very much. well see what happens in the next several hours. still ahead, new charges against the cleveland, ohio, man police say killed at least three women and wrapped them in garbage bags. are there more victims? and has he been copying another serial killer out of ohio? well talk to former fbi profiler clint vanzant. plus, a detroit judge has delayed a ...

>> very surprising. moving out of the palace and missing simple and his limousine is a ford focus. the emphasis is on the papacy. >> we could talk all day about this. thank you, father. that wraps up this hour of jansing and co. she is in london on baby watch. graying melvin is up next in for thomas roberts. >> the agenda the next hour we are going to continue following that breaking news. the wait for kate to give birth. we go live back to london for the latest on the royal baby watch. also a...

That the government could not make a chapter 9 filing that could affect their pensions or would call on a bankruptcy judge to get the retiree interest. relations are already strained from both ises of the aisle. the national debt is well over $16 trillion and the federal government is struggling under re-constraints. but the governor says that the feds are the citys biggest ally. >> i will give you one illustration of tangible things. this is not just writing checks. this is about improving detr...

Along, but look at the cost of it. the eurozone is in a recession. the labor markets are in shambles. theres a failure to, again, like we were talking about in the united states deal with long-term issues and excessive focus on short-term fiscal issues. im very worried about -- >> but austerity here and in europe. >> i dont think the problem for europe or the united states is todays budget situation. its a glide path toward a better budget situation. it says a lot about politics. the politicians...

Pay these pensioners full payments for the next six months. but after that, isnt there a real possibility that these pensioners who work for the city for decades who thought they had a contract with the city that theyre going to be in real trouble? >> well, theres a real issue there, chris. as we said in our proposal that we put out on june 14th, you know, about $5.7 billion of that $9 billion is unfunded health care. and about another $3.5 billion of that is unfunded pensions. were going to hav...

Their book, with bills going unpaid, as pension obligations and debt grow. detroit is not alone in its money mess. one city to watch, another in the midwest, chicago, a steep credit rating agencies, moodys, cut the rating for the windy city by three notches. chicago has $36 billion deficit in just its pension fund. detroits bankruptcy should be no surprise. it has been smoldering for decades as the auto industry was forced it change. pensions negotiated years before in its hay day could not be s...

Police and fire and general services. they may have different levels have funding. >> reporter: reports on pension holders plan to make the argument that governor cant do a filing that would affect pensions. other sources say that strained. federal government is struggling under automatic spending cuts. mayor says the city has to set a benchmark how to come back from this tragedy and monitoring the federal response. >> now that weve got our bankruptcy filing. we need take a step back what is nex...

To have to scale back on their pensions, even health benefits. talked about the fact they may have to sell off the municipal airport. some of the parks, the treasures in the detroit institute of arts. he says its going to be tough, but he seems confident, i have to say, that they can turn the corner in maybe 15 months that, the city could come out of this. interesting to see whether that happens. >> shannon: an optimistic timeline. thank you, chris. >> you bet. >> shannon: catch the exclusive in...

And all of these other cities combined. what have you is a combination of mismanagement of how they structured deals with the unions with the pension and the retiree funds, which is a little over half of their bankruptcy issue, $19 billion. have you that, along with a declining tax base. people are fleeting the city without going to privatization of their services, without figuring out a way to restructure their deals. this is a situation they are in. its a main to other cities across america th...