Page 7 - Pension Problem News Today : Breaking News, Live Updates & Top Stories | Vimarsana

You don't have. you know, government has got to stop growing so big. i've been trying to say that for years, and unfortunately this has just been kind of ram rodded for the last ten years spinning out of control. the pension problem has been a lot longer than that, but the actual budget problem that we have right now has been over the last ten or 11 years. bill: i don't know how you're going to solve it but we're going to follow it. we've seen stories, watched them in ohio and illinois. so many folks are going through this right now. when you go back to the state house today, what are you goin...

>> 15 minutes after the top of the hour. if you're just waking up, here's our next topic. new york's pension problem is spiralling out of control. what's their plan to fix it? get this, new york state is paying this year's pension costs by tapping into the pension fund that it already owes money on. >> this year alone, the state is borrowing $750 million, 3/4 of a billion to cover its costs but what happens next year? >> i'll take it from here. hi, stuart varney. >> greetings, young man. >> is any of what we just said true? please tell me it's not. >> yeah, that's true. this is the mother of a...

Government has not. the majority of states are facing budget crises. let's take a look at top five states and how they are dealing with their budgets in wildly different ways. for instance, texas is capping its rainy day funds, new york as you mentioned, budget cuts. illinois, a massive tax hike there. california a temporary tax increase, and florida big tax break. so which strategy is most effective? >> one of the beauties of having 50 states is you get to see what works. we have states with house be bubbles and relied on the property tax revenues. they have permanent holes that needs to be f...

Move over, wisconsin. there's a new battleground pitting unions against communities trying to balance a of budget. it's costa mesa, california. last week nearly half the city's workers got laid off notices, pink slips. the move stunned union leaders and workers. one city employee apparently jumped to his death just hours after the notices went out. a member of the costa mesa city council joins us and the only one that voted against the layoffs. wendy, you said you think the city council acted recklessly. what makes you say that and how did it come to this? >> well, it came to this because the ...

Reduced benefit in the fewture and thousands of employees converged on the capitol. back with the panel. what about this, fred? >> there are not many things that democratic politicians being cross purposes with organized labor. labor is part of their constituency and huge part. it gives them money. it's tough for them. in california, jerry brown talked about this and running for governor. he has done nothing so far this year. maybe he will negotiate. he has a budget but it doesn't include pension. in illinois, pat quinn the governor has ducked the whole thing entirely. leaving it to the house ...