Page 890 - Pensions News Today

This country -- megyn: and its not just cities, its been states to. we saw governor walker in wisconsin try to crack down on certain things, ohio, they attempted, new york and new jersey have been taking a hard look at pension plans and how we make ends meet given the current financial crisis. >> what is happening is scott walker in wisconsin really drew the nations attention to the issue of the municipal bond market. what is happening is states, counties, school districts, whatever the jurisdic...

A frait train fueled by public salaries and benefits. it hit town right on schedule. >> 75 percent of the budget goes to fire and police officers. they are not going to be able to pay those pensions nor are they going to be able to pay the salaries. >> we have historically been generous on labor contracts. >> generous indeed. in 2010 a police sergeant made 317,000 dollars in a city where the average household income is less than 40,000 dollars. its not just top salaries that brought down san ber...

>> why that is that not happened? >> it will happen under the guidance of chapter 9. >> in other words bankruptcy court. public sector unions are saying not so fast. they point to state precedent that suggests their pensions are untouchable. however morris is former judge believes in this unprecedented crisis the courts will allow them to modify some of their contracts. he is dealing with the day-to-day trials of the city gone belly up. >> you are paying cash for things. >> cash and carry. a>> a...

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...

Failed to. >> even if the project goes kau poot the government is still on the line to pay what is due? >> they make an absolute promise to that. >> full faith and credit is the temple. >> if you give me your full faith and credit are you on the line? >> last october the council fired bankruptcy. thompson the mayor refused to sign it. miller is running against her in last years primary. dave you think vis resigning in frustration. we are at a point where you could not hand down the line it is ...

Slur to lou the voters to decide whether or not we are going to ten to cut services or bring down the cost of pensions. >> it would save the city billions over time but voters had to approve it first. that was hardly a slam dunk in a county that vot voted 70% for obama in 2008. reed pushed his case hard, demonizing city workers says firefighter robert s api en. >> trying to convince the public things were bad in the city because of employees. in some cases people have been accosted in grocery st...

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 really have any credit. >> th...

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...

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...

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 really have any credit. >> th...