Page 887 - Pensions News Today

Metaphor. a freight train fueled by public employees salaries and benefits and it hit town right on schedule. >> approximately 75% of the budget goes towards fire and police officers. they are not going to be able to pay those pensions nor are the salaries they have been paying. >> we have historically in the city been remarkably generous with our labor contracts. >> generous, indeed. in 2010, a san bernardino $317,000rgeant maided 3 h in a city where the average household income is less than $4...

>> why has that not happened yet? >> it will happen under the guidance of chapter 9. >> in other words, bankruptcy court. but public is sector unions are saying not so fast. they point to state precedence that suggests their pensions are are untouchable. however, morris, a former judge believes that in this unprecedented crisis the courts will allow cities to it modify at least some of their contracts. meanwhile, he is dealing with the day-to-day trials of a city gone belly up. >> now, you dont ...

>> neil: youre talking about unfunded liabilities and the whole nine yards, right? >> what im talking about, you take the debt, the unfunded civilian and military pensions and unfunded social security, under funded medicare, according to official government documents, 7 trillion 400, going up 10 million a minute and find out and track it at 10 million minute.com. and thats the number people should be talking about, know the 16 trillion dollar number. >> neil: you know, ron paul, rand pauls fathe...

Investors. >> on the bond deals even if the project goes kaput that the government is still on the line to pay what is due? >> they make us an absolute promise to pay. full faith and credit is the term that is typically used. >> so they are on the line for it. >> if you give me your full faith and credit are you on the line? >> of course. >> okay. >> last october the council filed for bankruptcy but its petition was rejected because thompson the mayor refused to sign it. now, miller is running a...

This hour we have told you about cities bankrupted and lives shattered by folly, greed and corruption. can any one turn the towns around? meet two democratic mayors trying and aair rently making progress. even cutting union pensions and benefits. >> the private sector is doing fine. where we are seeing weaknesses in the economy have to do with state and local government. >> both parties worry about cities going broke. but they seldom agree on how to fix the problem. >> because im sure that the p...

Thing in that outline you just gave, a lot of that was money gambled with what? peoples pensions. >> right. >> peoples pensions. some people lost everything. >> could i just say something, reverend? i think the bain attack has really penetrated, because i dont think mitt romney wanted to spend as much time as he had to spend last night talking about bain. and i think thats in response to all these stories and all the advertising. he realized he needed to launch a defense. because he was getting ...

Year. the returns they made were incredible. what exactly is wrong with this picture? if you take on risk, sometimes you are going to lose. >> because they were playing in the real free market system because they mitigated their risk so he and the investors were pretty much always shielded which is why when companies went under and people lost everything, their pensions, their health care, they still walked away with millions. >> im fascinated with language and the way language shifts and change...

You. [cheers and applause] but because this is america, that small company which grew has helped so many others lead better lives, the jobs that grew from the risks they cook have become college conclusions and first homes. that success has helped fund scholarships, pensions and retirement funds. this is the genius of america. dreams fulfilled, helped others launch new dreams. [cheers and applause] >> at every turn in his life this man i met at a high school dance has helped lift up others. he d...

They said it was impossible to touch the third rail of politics, to take on the public sector unions, to reform a pension and health benefits system that was headed to bankruptcy. but with bipartisan leadership we saved taxpayers $132 billion over 30 years, and saved retirees their pensions. we did it. [cheers and applause] they said -- they said it was impossible to speak the truth to the teachers union. they were just too powerful. a real teacher tenure reform that demands cannot and ends the ...

Tvrgs has been positive on the web. lets see. maybe it is a good chance, first good step. >> steve, you hail from new jersey and you are this networks biggest brain on the subject of chris christie. he didnt say much about mitt romney last night but he did make some claims about his own successes. take a listen to this. >> we have three balanced budgets in a row with lower taxes, we did it. we saved taxpayers $132 billion over 30 years and saved retirees their pensions, we did it. >> yeah. he al...