Detailed text transcripts for TV channel - MSNBC - 20130808:

Detailed text transcripts for TV channel - MSNBC - 20130808:07:27:00

on. they're finding a new nightmare scenario if we don't pass their agenda into law. new york's mayor michael bloomberg has begun raising the spector of detroit. according to the new york post, bloomberg said cities across the country all face the prospect of pension costs, more and more of their budget and new york is no exception. as you can see from this chart, there's no doubt. no doubt at all, that pensions and health care costs are a problem. but they're not the only problem and they weren't really detroit's problem. you want to see detroit's problem, look at this graph. in 1950, there were almost 2 million people in detroit, 2 million. now that number is down to around the 700,000, which means, when your city is shrinking like that, you end up with an eroding tax base. incapable, completely unable to pay off the pension costs that were incurred. and also not just pensions, but city services, infrastructure,

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