Page 891 - Pensions News Today

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 president of the united stat...

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...

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...

You can take any job you want and you are guaranteed money. jennifer talk body a pay cut. sarah, i am sorry . putting money back into and they are contributing to their future. just like a self employed businessman putting money in the social security. >> it is not the federal workers fault that the private people lost their pensions. >> thats not the point. talk about millionairings, if you have a million in a bank today and best cd rate you are making $40,000. they are paying 120,000 . that is...

Workers have 6 figure. that is a small section. they are doctors and make money and high pensions and it is not outlandish. in general there is a lot of pension underfunding in the federal and state and corporate level . taxpayers are on the hook for all of it. all of the pensions across the board including federal need more money. they are not earning enough to make good and taxpayers are there . everyone has to kick in more to shore up the pensions including federal workerings >> actually the ...

Than skill would people could. and dea agents, fire and police that keep us safe. >> sarah, this is tobi, that is a nice thought and would have applied 10 years ago. but if you look at numbers over the last 36 months. lawyers and judges. judges can make more money. but almost every side is in a higher rate . you have to include salaris and pensions. because of the pension plan is guilded. the idea of matching our income with out come and with our liability is something that we have not had to do...

All gaffes. saying loudly, obama, hes gone, hes dead. quinn realized his mistakes moments later and corrected him. bin laden. i goofed that one up. late theyre day, the governor short speech at the state fair was drowned out by labor protesters who shouted "liar" and booed. unions are upset over quinns evidents to reform public employee -- efforts to reform public employee pensions. ♪ ♪ >> bret: our top story at the bottom of the hour. g.o.p. vice presidential candidate paul ryan says republ...

And tax-free interest. what you thought may not be true in the future. >> steve: the whole thing about declaring bankruptcy, you can reorganize thingings. we owe them this much and negotiate with them. >> that was the point of bankruptcy. pensions are bankrupting the cities. stockton has not. it defaulted to the bond holders and still paying the pensions. >> steve: one other note, this is the weakest economic recovery since the great depression. look at gdp and unemployment and consumer spending...

Pension of 100,000 dollars or more. thats about 1.2 percent federal retirees compared to 0.4 percent of military retirees that get that much. pensions range from doctors to human resources with law enforcement being the most common. congress by the way congress members were not included in this. pensions are a growing burden. they lost 70 billion last year plus 13 billion for retiree healthcare. they have doubled the inflation rate in the past year and taxpayers are on the hook for $2 trillion. ...

As part of the bailout, 200 auto dealerships were forced to shut down. 20 of those dealerships are suing the government. the romney campaign features one such dealer there a recent ad that ran in ohio. >> i received a letter from general motors. they were suspended my credit line. we had 37 employees who were out of work. my wife and i were the last ones there. it was the dream that we worked so hard for was gone. >> reporter: some critics say the bailout failed to correct one of the costs that ...