Man giving a tv set and stand to go with it to a man selling the big issue with only a few days to go before christmas. We will be looking into acts of kindness by strangers. Hello. Welcome to the programme, were live until am this morning. A heads up that later were expecting confirmation that birmingham has been chosen to host the Commonwealth Games in 2022. It was the only city bidding. So if it doesnt get it officially, that will be a massive story. Well bring you reaction to that obviously. Also today, we want to hear your breaking news from 2017 something thats happened in your own life this year. Lydia tweeted me shes had a hec of a year. 0ne, started cancer treatment. Two, bought a house. Three, treatment didnt work. Four, hysterectomy. Five, moved to london. Six, newjob. And she adds drily im hoping 2018 will have less breaking news. Let me know your breaking news from 2017, whatever it may be. Tweet me use the hashtag victoria live and if you text, you will be charged at the
Host joining us from new york city is doug henwood, a contributor to in these times. He is here to discuss his piece in the february issue on the and howpension crisis the cities reliance on wall street is adding to the shortfall. Thank you for joining us today. Guest thanks for having me. Host what spurred you to focus on the Retirement Crisis right now . Guest for one thing, the magazine asked me to look at it. But this is something i have been following a long time. I wrote a book about wall street a little over 20 years ago. I have been following the Financial Markets and the pension crisis for a long time. A lot of people talk about the problems of the Social Security system, which i think are grossly exaggerated. But there are people who do not want to admit problems around the Pension System because People Associated are looking to cut back up with engines or eliminate them. It does no good to deny there is a problem. Pension funds have made assumptions about returns they will g
I have been following the Financial Markets and the pension crisis for a long time. A lot of people talk about the problems of the Social Security system, which i think are grossly exaggerated. But there are people who do not want to admit problems around the Pension System because People Associated are looking to cut back up with engines or eliminate them. It does no good to deny there is a problem. Pension funds have made assumptions about returns they will get which seem unrealistically optimistic to me in an economy that has a longterm Growth Potential of under 3 . You think you will get 7 or 8 returns on 3 Economic Growth forever. I dont know how you do that unless the stock market gets more detached from reality. We have had a few dips and reality the last few weeks that reminds us that it does not always go up. Host explain exactly how the Pension System works. Guest there are basically two weeks to organize the Pension System. One is like Social Security which is the payasyougo
Im going to encourage everybody to sit down, grab their seats. Keep eating. Okay. Welcome, everybody. Im maya mcginnis, i run the committee for a responsible federal budget and it is not every day that you see an overflow crowd for a whole event on budget process, so were really excited to have you here. We have a cspan audience, were Live Streaming this, so wonderful to have everybody joining us for what i think is going to be an excellent conference. Im really excited about the people weve gathered here and the ideas we are going to be discussing. So welcome. The committee for responsible federal budget for those of you who do not know is a nonpartisan organization, the board of directors are people who many of whom are here with us today who have run all the big budget institutions in washington, so the federal reserve, the treasury department, omb, cbo, the Budget Committees. So they are the whose who of the budgeting world. One of the things that we like to do is work with folks o