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Steve Malanga of the Manhattan Institute breaks down how politicians game the pension system.
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And talking about pension abuse since the show started more than two years ago.
Now there is a huge face for this national problem and -- faces former Chicago an average of daily.
He's been exposed -- patting his own pension.
To the tune of 50000.
Dollars -- yeah he bought in -- border and into a pension -- but just one month's.
And then got 50000 bucks a year full life because about one of the most pension payment joining us now -- stabilized yet he's been the Manhattan.
Google knows more about reading can American and just about anybody else Stephen welcome the program.
Now I don't want to treat this is just the local nation in Chicago.
Is this accurate to say that people getting politicians gain at the pension system all across the nation.
From over and over and over again and saying this for a long time we've set on this program that the people that we expect to do reform.
Benefit from the very same system and in many cases in debt in some -- dozens of states.
They have better pensions even in the public workers that were complaining about -- the politician yes -- -- alleges an act at the people who enact a -- absolutely can you give me an example of -- there are actually serve are actually two dozen states for instance.
Where essentially what you can do.
Is if you're a government worker and then you went into the legislature you can retire as a government worker collect -- pension from the state.
And at the same time.
Could collect a salary.
In the in the state legislatures that you're you're just doing double duty -- -- -- Boston about about 24 states -- -- that US Arizona is a good example.
Level a lot of legislators in Arizona because the cost of living adjustments and everything else.
Where they're earning more in retirement than they did in the legislature or as governor.
You know and -- -- think in ten years the cost of funding.
Legislative and pensions in Arizona increased 325%.
It's -- yes.
Yes yes now that I just would put up honestly.
We can please can we have a look at the Chicago debt clock is running around 25 billion dollars right now in gaining ground every second of course.
This is the outstanding -- -- public liability for public pensions just in this city of Chicago.
I think I can see that as 25 billion -- dollars in principal changed a couple of hundred million on top of that -- five billion.
So now want did manage that you do that I get it right he funded his legislators.
Pain and I -- -- -- -- he had a legislators pension first because he was in the legislature.
Then when he left to go become mayor of Chicago he went back into the legislators pension for one month.
To qualify so that all this credit could move over and the reason -- -- that is because the legislative rulers.
Pension in a little -- Is richer than the local government pageant in Illinois so we went back to the -- -- pension system the one that legislators have for themselves the state system instead and and and use -- those credits going forward.
This is political loyalty.
The -- name is royalty basically and I think that by doing that and having it exposed you have solid.
A name public political dynasty well I think they get well first of all I think that that is that it's so obviously hypocritical and this is the mayor who said over and over -- things like.
We should just let our municipal system in Chicago go bankrupt because we haven't been finding it.
We can't sustain these level of benefits for workers workers have to give things back oval.
So I mean what are -- doing your credibility when you know and and public workers are right that when they -- what do you mean a floor price -- do you think he's going to be forced to -- this back -- and the 50000 dollars a year I don't.
I don't know if you can be forced to do it because it's part of what you might be huge.
Chain might be saying that the -- the back of what about.
These all the 21 of them -- -- in Chicago from the City Council and now collectively taking.
58 million dollars in retirement -- not.
Virtually back up its spot it's all over the place Stewart has happened in New Jersey where you we have legislators who -- -- retirement and also receiving double sat salaries from the legislature the same time.
There have been a lot of stirred up the only thing I could see the difference here is that because its daily and the daily name may be more people are paying attention but this -- been publicized.
In a lot of other places already.
So now -- -- -- you know you stuff and thanks for joining us -- student four.
