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Miami Mayor Tomas Regalado discusses why he has proposed pension reform to help the ailing city.
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Miami officials say the city is facing a financial emergency -- -- -- get forty million dollars in union concessions from the public look at sector.
So all the unions cooperating.
Miami that Thomas -- -- -- Joins the company now you're on our thanks very much for joining us let -- get right that it can you see bankruptcy in -- future.
Absolutely not we have a bright future of we are using it status back to.
That allows soul of the CD to impose.
Contract within -- last year and got -- that we prevail in the courts that the unions so.
Argue that we need to raise taxes and the court says that this city is not obligated to raise taxes so what we're doing.
Is that because the unions have declare an impasse.
We're imposing contracts and you know we were trying to talk to them to -- pension reform which is killing the city.
-- and is unsustainable.
You wanna -- that's very important because as we look across the whole country we see that pensions all of the key issue all across the country.
And you just said it's the key issue for you as well.
So your trying to impose.
Pension reform on a reluctant union what's been that response thus law.
Well they say that they won't talk about pension reform until we give them back -- what we took last year and the year before.
But they issue is that and lowering taxes how can work for the city of Miami -- the last eighteen months.
We have at three billion dollar investment in the city of Miami new construction on Miami's moving forward.
But the unions refused to talk about pension reform and what we're telling them is.
Give us pension reform.
And we won't take money from your pocket.
And by the way we have to pay what they lose it in -- in the stock markets so that's that's something that if on her put any private citizen.
If you don't get pension reform amended and if you don't get it you gotta keep on paying this money out.
I take -- the other side of the Cohen is you've got to -- services even law in the city of Miami.
No we're not go we we last year we did not lay off any -- any firefighter this year we don't -- to do it.
But we just gonna have to take.
A money out of the salaries and other some furloughs so and down probably co payment in the health insurance health insurance only.
From last year to this year helped raise.
Their premiums five million -- -- this city so that's another problem so.
So that Citi -- solid.
But the problem is that only lasts until we fix the pension we won't be able to to keep the sustaining the city.
We hear it from all over you -- that's that's the story of citizen.
Indeed states all across the country.
You're on we thank you very much for joining us Thomas -- a -- narrative of the great city of Miami thanks for joining us -- we do appreciate it thank you.
