this episode of the upper supported by netflix go to netflix dot com slash t likely vernon
walks pretrial diversion
let's get into the nitty-gritty of pensions but that's why you come to the young turks
and there's a fantastic peach copies from the mcclatchy news bureau
the washington bureau
about how it's just a giant myths that employee pensions are bankrupting states you're gonna
have to bear with me on this but an incredibly important piece
the vocal backlash that is rising across this one country that pension funds are bankrupting
states as mcclatchy is simply not true
a close look says mcclatchy at state and local pension plans across the nation
reveals a complicated story in the short answer to that complicated story is that there is
no evidence no evidence at all
the state pensions
are occurring current burden
to the public finances that's of course with scott walker and his friends want you to believe
it is simply not true
first of all get this pension contributions from state local employers or blowing up state
budget success
two point nine percent
less than three percent of states fund responding on average
goes to the pension funds by the way the center for retirement research at the boston college
has it three point eight percent
so two three two point nine percent and three point eight percent listeners got walker it's
thirty percent they can't possibly continue to afford a baby's pageant but it's between
two point nine percent and three point eight percent
by the way nor are those state and local government pension funds broke no question they are underfunded
but they are not
those pension funds sunk along in the great recession from two thousand seven to two thousand
nine
but they have rallied in their own firmer footing just like your money if you left in
the stock market as rallied and it's now on firmer footing
here is a quote from g_o_p_ era all bri
sound like a smart guys got a french name is a researcher specializing in state local
factors for the non-partisan
center for retirement research at boston college quoted here in this mcclatchy peach quote
op-ed piece quote on average
with the assets on hand today plans are able to pay annual benefits
at their current level
for another thirteen years
this is across the board everything all fifty states thirteen years
this is sues pessimistic lee
the plants make no further pension contributions
and there's no growth that's it
market stays no more contributions
thirteen years
it was this guy walker
they run out of money
a week from tuesday
thirteen years
that's the truth
defenders public pension system say these antigovernment anti-union elected officials
who are lying to you on a daily basis
and the interest groups that exaggerated problems like the chamber commerce is across the country
they score political points is the economy heels these public pension plans will be revealed
that they're getting value proving the credit for on
that's why they're acting now vision wait six months year year and a half of the economy
gets better
all of a sudden can be very clear pension plans are not nearly enough trouble that they
appear to be in that
there's a window that's closing is market conditions improve in interest rates rise
and the funding of these plans is gonna look better than depicted by some to gaya named
keith brainer director of research for the national association state retirement administrators
georgetown texas a place that ided not no
exist
february twenty third interview of course this is what the opponents are saying representative
gavin
wounds or noon years at that spilled and you and he has a republican a california he called
the federal stimulus efforts to rescue the economy quota sexually federal payout bailout
of public employees unions
that's exactly what it was
uh... he describe money owed the state pensioners crisis
about ready to happen it's not two point nine percent
for three point eight percent
of the state budgets
by the way we should point out how many workers
do you state workers
do you think
argued
impression of course
did you get is that it's a hundred percent
but to out of every three state workers are not
in a union
twenty six point eight percent of state workers
are unionized twenty-six
point eight percent
less than a third
if you have local in municipal workers there are about forty three percent max cuz the
cops and firefighters an apples the overall average of workers inside a state counting
everybody of sort of local workers municipal state
everybody to thirty one point eight percent just under a third
and of course by the way governor walkers were well now
has left out
firefighters and cops from his plan to eliminate the collective bargaining rights of state
workers
and by the way just empty rathi why are they being left out
if there's a principle here
that state workers don't have the right to organize
why the hell the cops and firefighters have the right to organize
if this is a principle distt
if this is an idea that if you are a state worker that you don't have the right to organize
because you work for the state
the on the right to be any union then i got news for you
have to buy a product that my bright organizing it
but no because you try to score political points you went out and firefighters out could
you let them off the hook
about the matter is covered by rent do have the right you're gonna organized
and so teachers
and sort of nurses
as some of the people who if they want to
renew your driver's
for the back to the matter is only twenty six point eight percent of people who work
for the state or even any good
only when you add ian
sort of the rest of public sector workers counting
municipal local employees
doesn't even get to thirty one point eight percent
another giant misconception
and by the way
in wisconsin remember i mentioned that the uh... pension funds across the country good
for thirteen years
you want to know
how much it is in wisconsin
thirteen years across the state
in wisconsin
the public sector pension plan has enough assets today
to cover benefits
before
eighteen years
every two years
referendum
eighteen years
it's a crisis not anything yes
try to find the a bigger lie right now the scott walker
adding really didn't have much time
but there is no bigger lives got walker eighteen years wisconsin's got enough money for this
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