Pension Mess News Today : Breaking News, Live Updates & Top Stories | Vimarsana

>>brian: it's official stockton, california, has officially gone bust. judges ruling the failing city can enter bankruptcy making it the largest municipality to enter chapter 9. what does this mean for other bankrupt cities heading that way? will taxpayers be on the hook? let's ask stuart varney. >> let me backtrack for a second. the big problem in stockton, california, as it is across the country is pensions to retired city workers. stockton spends 40% of its entire payroll paying retirees. 40% go to retirees. they've got a very, very generous pension system. but this ruling by this judge ope...

Are guaranteed, and their cost of live increases, and that is sort of the focus and, mayor bloomberg here in new york has said he will devote his third term, third and final term, because we do have term limits, will devote this term to fixing the pension mess and also the mandates, which is, in other words, the state legislature sweetens the benefits of the -- many of the pensions and forces the localities to pay for them and the mayor says he is really going to focus on that and i hope he does and the city needs it and his reputation could stand boosting over this and he, himself, participat...