Page 894 - Pensions News Today

Hes going to protect medicare and other programs for future generations. what i think care about the most is not only my parents, and people like paul ryans mother, all of whom care very deeply about senior issues. we also care about our children and our grandchildren, and those are the ones that governor romney and paul ryan are going to be looking out for in the future. because the current administration has failed miserably to protect future generations. >> you certainly understand as governo...

B. >> what exactly was that? >> measure b was a ballot when 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 vted 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 emplo...

Renegotiated. >> you bet. >> 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 b...

>> generous, indeed. in 2010, a san bernardino $317,000rgeant maided 3 h in a city where the average household income is less than $40,000. but it is not just the top salaries that have brought down san bernardino. it is the average ones. >> san bernardino firefighters are making about $130,000 a year. police around $95,000. with pretty generous pensions as well. >> did anybody say hey, you know what, we are not going to be able to afford this down the road? >> those are very problematic agreeme...

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...

Go-go years when we had money. >> the average cost for a police officer and firefighters was $200,000. >> a year. >> what steps did you take to stop the bleeding. >> we cut everybodys pay by 10% starting with me all the way down to it all of the unions. everybody took a 10% pay cut. >> he cut city services, too. but that still left a $115 million deficit. it was time for a desperate measure. or as it became known, measure b. >> what exactly was that? >> measure b was a ballot when slur to lou th...

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...

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...

Coming down the track. >> that is morells preferred 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 cit...

B. >> what exactly was that? >> measure b was a ballot when 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 empl...