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Detailed text transcripts for TV channel - FOXNEWS - 20110731:02:36:00

deficits. they choose to run them in their pension funds. politicians make promises. they don t fund them it would be like me saying i m going to fund my ira by borrowing money from my credit card. now i fund my ira. i owe this money in my credit card. that s not really funding my ira. so it s another form of debt. it s hidden debt. and that s what they are relyin. john: in pritchard his town. city council funding you are going to broke broke in exnumber of years. they do nothing? supposed to be the responsible party. what happens is that when you get to the point where someone says you are going to go broke in five years in a pension fund, the cost of getting out of it is so high people just ignore it state like new jersey, 10 years they bear live made a payment into the pension system. unfunded liabilities get bigger and bigger. illinois don t make payment into pension, they borrow the money. that joke i just made, that s what they do.

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