my home state of illinois has a massive pension problem. it s estimated that about $500 billion of underpayments have been made into those state and local pension programs, and by the way, those pensions pay out, you know you ve done stories on this show, two or three times what private workers are getting and it still looks like it s headed to me towards a bailout. bill: on the outside it sounds like a little madoff, you re moving the shell game around and you re changing this for that and the other. here in new york, they ve come up with a plan, they ll reduce their annual return by half a percent. now, what s that going to do? well, it s going to help a teeny tiny shop but not much at all. listen, the problem is we have to convert to a system 401(k) plans, we have to move away from what are called defined program programs to defined contribution plans. that s what the private sector is doing very aggressively. when you talk about the pensions that are going bankrupt, you re righ
republican convention and now he s at 15% with photos of him on a beach. i remember the sound check at the tampa convention, out on the floor and people flocked to him, there was this flow before he gave the me-note, and mitt romney who he was there to nominate. things went badly for chris christie and some of the problems were evident before 2012. christie came in and had a serious structural pension problem and they are now in the worst state of any state of the country. he had other kinds of budget tearle challenges, the bill eventually came due. his absences, he spent something like 190 days on the road when he thought he could become president in 2015, that never sat well with the residents of his state. he has a bipartisan gridlock
the last report said if the pension problem was fixed new jersey would be in good fiscal position. this is not about not having enough revenue. the government was too big. we ve made it smaller. if the pension system continues to get better we will be fine. if you haven t been able to fully solve the crisis and make democrats do what you want them to do in new jersey, how are you going to do it in washington? wait a second. we have taken a pension system that was about to go under and now it s paying its bills and doing better in the six years that i have been governor than it was in the two decades before. the fact is we are doing and making progress. we have got a senate democratic president to be able to sit down and sponsor a pension reform bill that cut coalas, raised retirement age. similar things weed we have got to do in washington, d.c. washington, d.c. i have absolutely no doubt that i can come down to congress, not
the last report said if the pension problem was fixed new jersey would be in good fiscal position. this is not about not having enough revenue. the government was too big. we ve made it smaller. if the pension system continues to get better we will be fine. if you haven t been able to fully solve the crisis and make democrats do what you want them to do in new jersey, how are you going to do it in washington? wait a second. we have taken a pension system that was about to go under and now it s paying its bills and doing better in the six years that i have been governor than it was in the two decades before. the fact is we are doing and making progress. we have got a senate democratic president to be able to sit down and sponsor a pension reform bill that cut coalas, raised retirement age. similar things weed we have got to do in washington, d.c. washington, d.c. i have absolutely no doubt that
jersey it s tough to get them to push even further. what the last credit report said was, if the pension problem were fixed, new jersey would be in good fiscal condition. this is not about not having enough revenue. the government was too big. we ve made it smaller. if the pension system continues to get better we will be fine. except all right. but if you haven t been able to fully solve the crisis and make democrats what you want them to do in new jersey, how are you going to do it in washington? wait a second. we have taken a pension system that was about to go under and now it s paying its bills and doing better in the six years that i have been governor than it was in the two decades before. the fact is you are doing and making progress. but here is the bottom line. we have got a senate democratic president to be able to sit down and sponsor a pension reform bill that cut c.o.l.a.s, that