interest when the lawmakers pass a budget. kennedy is here. host of kennedy in the evening you. win but no money. that s not fair. you win instantly when you scratch something, and get these prizes over $25,000. what would happen if you went to a bar, paid for a cocktail and they said, sorry, there s nothing there but we ll keep your money 0, walked into a casino and hit blackjack and the dealer said, the house isn t paying right now. good luck next time. it s insane. it is, and they have a huge budget impasse, the state of illinois has become a midwestern version of greece, too much unfunds pension liability and they won t raise taxes, the republican governor, and the democratic legislature are right now at odds with one another, and nothing is happening. they have problems with medicare and social security and all sorts of other payments they
state comptrollerring trying to then stop selling lottery tickets. if you re not going to make good on the premise. you mentioned the unfunded pension liability and they re overdid and it don t have the boy this one here time the loser is the little guy. i get it they made bad decisions, what about the people who signed a contract that said i will work for you for this long and you ll give me a pension. that s my savings. that s how i live out my golden areas and now they can t have it. their pension leaders have made all sorts of deals with politics over generations, and now and the little guys loses. that s what happened. if you worked your tail off in a union for years and years and have been promised you would have retirement you get hosed by politics politics and union leaders. happening again and a again inch the financial cries the banks were paid off.
election winning chicago s first ever runoff for mayor. emanuel facing four more years at the helm of a city that faces major challenges yet again. i have had the good fortune to serve two presidents. i have had the fortune of being elected to congress. being mayor of the city of chicago is greatest job i have ever had and greatest job in the world. [applause] bill: he keeps that job today. mike tobin is live in chicago. he faced some hurdles. does rahm emanuel have the popularity to tackle the challenges in that city, mike? reporter: bill, you mentioned that he won the first-ever runoff in the city of chicago. the first-ever chicago mayor forced into runoff. rahm emanuel moves ahead looking $20 billion in unfunded pension liability and revenue stream of $3.5 billion. the violence on the south and west sides continues unabated. he has had showdowns with
remediation. shuttered facilities, things like that. now they are going to use this money to shift it to blight remediation so that they can shift and turn a different $100 million to pay for detroit s unfunded pension. and the blight that i m seeing around here that needs remediation is the decades of fiscal irresponsibility by detroit politicians and their friends and big labor who got detroit in this mess in the first place. right, so paying for pensions that were never affordable in the first place is detroit really just the tip of the iceberg? are we going to see this in other cities? some people are argued that i don t know that we have seen that in other cities just yet but will we see it? clayton, that is exactly what the fear is here. detroit is the tip of the iceberg. they have 3. a billion in unfunded pension liabilities. that seems like a lot. but it s nothing compared to our nird unfunded pension liability of cities and counties to the tune of half a trillion dollars.
american city, such an important american city is in this state of affairs. is detroit alone, or is this unique in the state of michigan? are there other cities that are in this same position? well, i think there are many major cities throughout the country that have significant debt. for example, chicago has a massive pension liability. i don t think that there are any major cities that are on the brink of chapter nine bankruptcy like detroit. there are many others that are staggering under massive health care liabilities and pension debt. detroit is sort of a cautionary tale, but swaps in particular are dangerous, and that s what you have seen happen in detroit. yeah. good old wall street and all of these credit instruments that just seem like such a good idea before the bottom fell out of the economy. all right. sandra and nathan, thank you both. thank you. thanks. next, president obama turns his focus to the most important political issue facing democrats in 2014. voting