The Pension Bomb

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Tom Thumb : I don't care about government employees. They are overpaid and get better benifits than private employees. Government employees have abused the public for years.

Delicate Little Snowflake : Every city run by Democrats will eventually declare bankruptcy. The problem with socialism is eventually you run out of other peoples' money. #WalkAway

ScreamingReelsTV : Wow, the bitter animosity towards those people with pensions versus those who have to self fund their retirements. We all make choices in life, and choosing to work in a place with a pension plan is one of them. But contributing to a pension plan for 30 years, then waking up to find out that pension fund is bankrupt? When you're 60 and its too late to start over? And its bankrupt because of mismanagement? Damn skippy I'd be in the streets yelling and demanding my MF money too.

Commentor1 : Public employees should get exactly the same thing as private-sector employees- a 401K and social security. The overwhelming majority of government workers I encounter are below-average performers, are of average intellect at best, and probably acquired their job through some form of nepotism. They are absolutely undeserving of anything more than private-sector employees with regard to retirement or anything else. It's appalling that tax payers are expected to fund retirement for these under-performing leaches.


Charles Lumia : Taxpayers shouldn't be paying for anyone's anything. To start, most of those state and federal positions shouldn't even exist. Second, they are already being compensated. There shouldn't be additional compensation that people who aren't even born yet have to cover and pay. The whole system is retarded.

Darrel C : All Democrat ran cities, they destroy everything

Wolf's Den : I just remembered why I hate unions.

Justin Peanuts : Notice how the union leader did not reply to the question. The problem with Western society is it is full of dis-honest people like the union guy.

Arcosian Cosine : I assume there will be no pensions or social security by the time I retire. In my experience government needs will take precedence over you and I don't have much faith in people to do what they say anyway let alone thrust that 40 years from now they will keep their word. The government isn't responsible with their money so why should I trust them with mine? Therefore, I'm planning my own retirement.

Winston Smith : This is the main reason why there should be no public unions allowed - the unions are NOT negotiating with the taxpayers, they are "negotiating" with politicians by promising politicians their vote if the politicians give them what they want, the politicians always promising far more than current or future tax receipts will support just as they always do with virtually every benefit they promise to anyone, not just pensions.

twaters57 : We could use some of the one trillion we spend on military and wars.

Art Curious : We must put an end to all aspects of socialism in our country. We need to cut spending and reduce the size of government. Get the government out of the pension business. California has 1.28 trillion dollars in outstanding debts. This is madness.

Justin Bailey : Public sector unions are destroying this nation.

Leocomander : First mistake: trusting the government

Thomas Halecky : 2024 will be an interesting year... that is the year when Social Security claims are expected to spike based on age demographics.

JD K : Remember that government is always the problem, never the solution

Proman : Government screws up everything it touches. Anyone stupid enough to believe and depend on Government gets what they get. Every city, county, or state that tries to solve these problems the way Detroit did, is going to end up like Detroit did. Raise taxes and people and businesses move out and at some point revenue begins to fall faster than you can raise taxes to compensate. All the dirty politicians responsible will just retire to luxury when they see the end coming. Chicago's Rahm Emanuel isn't running for reelection because he knows the slide is greased and he doesn't want to be around to deal with the mess he and his predecessors made. Chicago has passed the point of no return, and when the head rat jumps off the ship, you know the end is near.

bjkarana : Pensions work if they're funded, but there's too much incentive to abuse the funds, which we have seen time and time again, but the public sector pensions are particularly egregious because they can reach into your pocket as a taxpayer decades after the promises were made. At least if a private business's pension goes bust, they can't just reach into your wallet to fix past bad behavior unless you're a shareholder.

Possert74 : when has government not screwed up everything it touches.

Jimmy Cain : Screw the unions and their members.

Michael Nyden : The labor unions got government workers crazy deals that the private sector would never say okay to in terms of pensions, their retirement is totally unrealistic and would only fly when its being funded or approved by other peoples money ie. The american tax payer.

GoingFar : I like John Stossel and usually agree with most of what he has to say, but this is a lazy attempt at anti-union propaganda. The fact is, even with defined benefit pension plans, if the employee and state contribution are made regularly, the rolling interest on the investment is enough to fund further liabilities. There are examples of these types of plans on a municipal level that are 200% funded, meaning they have more than twice the assets when compared to liabilities. What happens is that states and cities refuse to cut their budget, and instead they divert funds from being contributed to pension plans, losing out not only on the contribution, but the future rolling interest accrual for infinity. Eventually, after this happens often enough, you have massive unfunded pension liabilities. Is that really the employee's fault? Or is it the dirtbag politician's fault, who, by the way, is on a separate and even better "untouchable" pension scale. Inform yourself before you talk Stossel, you came out on the wrong side of this one looking like a fool.

Tim Xoque : Never believed that money will be there. Same for all promises including social security. You cannot possibly provide it especially when new arrivals come to this country today and tomorrow receive the very same money today they are promising and you expect when you retire. The math isn't agreeing with it. All the cuts will be painful because what you spend 10 dollars on today will be 50 dollars or more when you retire. It's a grim outlook.

Elizabeth Mabry : Stop giving money to the illegals and "planned parenthood "

g money : Yeah John we have 21 trillion dollars missing from HUD and the department of def. but teachers are the problem. Why don’t you do a video about that. They steal 21 trillion from the American people mostly from pension funds and now want to turn around and say they cannot pay pensions. This is the problem that false prophets like yourself will never point the finger at the real enemy.

Cody Ayers : These are government controlled pensions and the government is causing them to fail. if you looked at multi-employer pension plans they actually do extremely well with very few exceptions. unfortunately the government is now trying to get involved in multi-employer pension plans which is going to end up hurting a lot of people financially. What do you think about bashing unions stop for a second and think about this would you rather have an electrician come to your house that has years of training before he's allowed to do anything on his own who actually understands electrical Theory because of the Union or some Joe Blow who could possibly do something wrong which could result in your house burning down. It's called skilled labor for a reason if you want something done right that it's always going to cost you a little bit more.

OmegaTou : Well, we can cut their future benefits that can't be paid for, or in 50 years an angry mob can cut their throats for bankrupting the country.

Armand Rodriguez : The unions thought they were using the politicians to screw the tax payers and it turns out those politicians screwed both the unions and the tax payers. In the end only the politicians got everything they wanted.

Ted Schoenling : And this is why government shouldn't be in charge of anything.... much less schools. Teachers, wake up, working for the government is only hurting you... you really do want to privatize education, it is in your best interest.

Kraig : Any pension backed by tax payer money is criminal and corrupt, and it should be illegal.

randy osborne : People are in danger because leadership in the US is dysfunctional. Whips and Leaders are the true crux of the corruption. A true disruptor in Congress. They were created during the height of Government corruption in 1899 (leaders) and 1900 (whips). They were NOT implemented by the framers of the Constitution or the Declaration of Independence. Congress is manipulated by Whips and Leaders to broker the bills in a profiteering manner to 501c's, corporations and other countries. The myth is Congress is a weak victim overpowered by the large money lobbyist. But the truth, Congress is the tyranny understanding they have a monopoly selling bills and are aggressive at it. You want a bill passed you have to come through them, so bring your American Express card. There is no defensible argument, Congress betrayed their Fiduciary duty. Whips and Leaders should have been eliminated with Antitrust in the early 1900's. Whips and Leaders front run our republic. This isn't a Democracy, it's not a Republic, it's a coup d'état and the Whips and Leaders are the party of guilt. The most corrupt era of the US Government was in the late 1800's and early 1900's. It was when Americans were in revolt of our Government in collusion with giant monopolies (Antitrust). Names like JP Morgan , Rockefellers, Vanderbilt's, etc.. These guys bought and paid for the election of President McKinley. Then President McKinley implemented Whips and Leaders into our government to assist the large amounts of lobbyist money, campaign contributions and special interest group monies in a profiteering manner. It was a terrible, terrible time for America. Six months later in Presidents McKinley's second term of Presidency he was assassinated. Antitrust was finally passed around 1914 but they forgot to get rid of the corrupt Whips and Leader position that assist in this corruption.

live injection : Just end the idea that anyone should be a slave to anyone else. Make taxation voluntary.

MIKE Mike : Well when you live and vote democrat you can say goodbye to retirement and safe living they promise promise promise then when they deliver its crumbs instead of cookies

Chris Jonesington : Why does every union rep seems like a scumbag? Moral of the story? Don't be a public servant. Also there should be laws against unions in public sector jobs. They work for and are paid by us taxpayers, we should be the ones making demands about what they get paid.

Unknown Deplorable : Face it. Labor Unions are Communism in microcosm. Flame away...

Matthew Cioffi : "How do unions have disproportionate political power if unions are 10% of the population?" How do the rich have disproportionate political power if they are 1% of the population?

Dre Paris : Great reporting stossel keep it up, good stuff


StylesV13 : Thankfully the supreme court ruled that you can't be forced to join a union. So in time these communist unions will dry up and die as people wake up to reality. Sucks to be a useless boomer who voted for all this wasteful spending so you could retire at 50 having spent your life teaching 2nd grade math but something has to give. You sold out your children's futures and now we are going to get pay back!

David Mikhail : "So you dont like democracy." No, I dont; and evidently neither did the founding fathers of this nation which is the reason why they enacted a REPUBLIC.

Dog hugs mina mina : So why punish the employees for the government's mistakes.

Peter Edy Priyanto : As far as i know federal government doesn't have any obligation to pay pensions and medicare / Medicaid, decided in us court

Mordalo : Typical union goon. No clue of reality. If the private sector did this, we would be in jail.

YorickReturns : *Just assume that you're going to get nothing from the government.*

DORGOUS : excellent journalism Stossel

DowskiVision MagicalOracle : If the money hasn't been "set aside" for it's ONE AND ONLY PURPOSE isn't this akin to embezzlement?

scretching08 : Everybody is ripping off everybody else so that everybody gets ripped off. Get it, got it. Yes!

Yoshifan9511 : NPC's chanting at the beginning of the video.

Roberto 123 Pl : John is best journalists hands down