Page 903 - Pensions News Today

Get to that point where they collected so much. >> it happened over a 10-year period . during the 1990s and stockton is not alone in this. cities all over our state especially ramped up enhanced pensions. and increased benefits and one of the benefits that stockton granted to the employees that ended up really being. the largest single problem. we granted free lifetime military benefits to the retirees. that is a perk there. no doubt about that. >> something that the average person would never h...

They have taxing power. they can try that. this is to gain leverage with all the legacy costs, with the pensions and healthcare and retirees. as well as if they have too many employees. this is their way of going back and saying, we have no choice at this point in time. good news on the other side of this, you have some more efficient cities able to run their, i call them businesses much better in the future. >> arthel: we will start looking toward their business plan more so? >> you are going -...

Be in the public sector jobs. for every ten jobs women gain in the private sector, they, women, lose four public sector jobs. even with this recovery, a lot of the jobs were service jobs, construction jobs. in those areas check broken down by race, men are gaining jobs in those areas and women are still losing jobs in those areas. we have to look at who is being helped by which programs and be very specific about making sure that we are helping those certain populations. >> yeah. >> the other gr...

>> arthel: i feel you have optimism in your back pocket. i am going to hold on to myself and hope the cities can get their affairs in order without hurting the people too much. gary, thank you very much. >> gregg: big business for receivers to come in the cities and they start slash away. judges give them free latitude. >> arthel: gary said, nobody ants to hear more taxes and people expecting pensions, its a complicated problem to solve. >> gregg: it sure is. >> new concerns about a growing thre...

Dishonest. bill: ben labull is the national press secretary to president obamas campaign. thanks for coming on. >> thanks for having me. bill: what the mitt romney team says is this is a technicality, that this is what is required to file paperwork with the fcc. what have you found out? >> well, it took plea years to clear up a technicality? look, since mitt romney was running for office in massachusetts i has bee he has been telling people that he left bain in 19 the 9. we found out from the gl...

He was out doing the olympic thing. in fact, he was probably playing a little bit of golf along the way. we didnt have anything to do with the operations. but on the paper hes the man, correct? >> thats pretty much what theyre saying, yes. >> great reporting. great to have you with us tonight. thanks so much. lets turn to e national press secretary for the obama campaign, 2012. well, theres a lot for you guys to talk about. youre going right at it. how do you respond to the romney campaigns defe...

How do you respond to the romney campaigns defense of the candidate today? >> well, you know, mitt romney is holding himself to a double standard because he claims credit for jobs created by the companies that bain acquired. but he wont accept responsibility for transactions that he was involved in for companies that shipped jobs overseas and went bankrupt with workers losing their jobs and their pensions and their health care benefits. so hes furiously trying to extract himself from these three...

Washington. >> reporter: jon, there are many more communities burdened with big pensions and employee obligations in this weak economy and possibly facing bankruptcy. one way to spot them is through their bond ratings. take a look at that map. it shows about 20 communities have filed for bankruptcy in the last five years but this list is expected to grow. right now there are 26 other cities that have junk bond ratings from the major debt ratings companies. they include detroit and littlefield, t...

Under. >> and los angeles county is looking at their finances in light of whats happened in stockton and san bernadino and other places and saying whats going on here? lets take a hard look at it. >> you got to figure, you know, whats happening in california could actually happen all across the country one day with these out-of-control costs for public pensions and stuff like that and you got to feel for the people in folsom, california, because they paid -- a lot of them pay their taxes, and yo...

Three cities in california to file for bankruptcy in over the last two weeks. similar story in scranton, pennsylvania. the police and fighter unions have filed suit after the mayor slashed salaries to minimum wage. he says its the only way to cover the nearly 17-million-dollar deficit. and its not just public workers feeling the squeeze. scrantons mayor has proposed a 78% property tax hike over three years to pay off the citys dense. trace gallagher in our west coast news hub and it turns out, t...