1
00:00:00,120 --> 00:00:05,000
Speaker 1: Are you a retired government employee with a pension? Well,

2
00:00:05,040 --> 00:00:08,039
Speaker 1: the New York Times is reporting on a big problem

3
00:00:08,240 --> 00:00:11,320
Speaker 1: in places like Oregon, New Jersey, Connecticut, and Kentucky because

4
00:00:11,360 --> 00:00:15,360
Speaker 1: government employee pension costs are out of control. And you

5
00:00:15,400 --> 00:00:18,000
Speaker 1: know what that means. Now, these states and a lot

6
00:00:18,000 --> 00:00:20,079
Speaker 1: of cities are having a hard time paying for day

7
00:00:20,079 --> 00:00:24,320
Speaker 1: to day operations and basic services because they're paying retirees

8
00:00:24,400 --> 00:00:30,200
Speaker 1: so much. State run pension plans are far outpacing economic growth,

9
00:00:30,400 --> 00:00:34,000
Speaker 1: which is really good. It's not uncommon for plans to

10
00:00:34,000 --> 00:00:37,320
Speaker 1: pay retirees a hundred thousand dollars a year and up

11
00:00:37,400 --> 00:00:40,559
Speaker 1: for not working for the rest of their lives. And

12
00:00:40,640 --> 00:00:43,600
Speaker 1: take the case of the University of Oregon football coach

13
00:00:43,600 --> 00:00:47,800
Speaker 1: who was hired in stayed with the team thirteen years.

14
00:00:48,280 --> 00:00:52,280
Speaker 1: Today he draws forty six thousand dollars a month in

15
00:00:52,400 --> 00:00:55,760
Speaker 1: taxpayer funded pension benefits. It's a good deal for him,

16
00:00:55,800 --> 00:00:59,120
Speaker 1: no doubt. Now. The upshot, says one government official, is

17
00:00:59,160 --> 00:01:01,800
Speaker 1: that state government are no longer trying to do more

18
00:01:01,960 --> 00:01:06,760
Speaker 1: with less. They're trying to do less with less. What

19
00:01:06,880 --> 00:01:10,120
Speaker 1: a concept. Truth is. If they had decided back then

20
00:01:10,240 --> 00:01:14,440
Speaker 1: to do with less liberalism, they wouldn't be forced to

21
00:01:14,480 --> 00:01:18,640
Speaker 1: do with less money now, and pensioners wouldn't be quaking

22
00:01:18,640 --> 00:01:21,520
Speaker 1: in their boots over ending up with nothing somewhere down

23
00:01:21,520 --> 00:01:21,880
Speaker 1: the road.