The Money Hole

[@scottminnella1880]

So vote them out. Oh wait... the voters love them because they provide free stuff.

[@mikecziraky2037]

Absolute power = absolute corruption

[@RADIUMGLASS]

Sell the golf course to a developer and put that money into a trust for the remaining retiree's.

[@seanriley1603]

RADIUM CLOCK That’s depending on whether there is any demand for people moving to Pritchard, which there doesn’t seem to be any.

[@MicMan123456789]

I'm from the area.... Prichard is terrible, high crime and poverty are rampant. Also no one is buying golf courses now, especially one in a place like Prichard.

[@RADIUMGLASS]

something useful can be built on the course. Wal-Mart would be better than nothing.

[@seanriley1603]

RADIUM CLOCK True. Everyone needs a Walmart. Good for jobs and good for funny memes online.

[@faith-hope-love1corinthian486]

@@MicMan123456789 they won't be selling a golf course, they would be selling land, which, in turn, can be developed into something profitable.

[@tiananman]

These pensioners are the only people with any fiduciary responsibility and they never demanded any fiduciary responsibility from the city. They were ok with being lied to for decades on end. Lesson here: never trust someone who stands to lose nothing by lying to you.

[@bennygoodmanisgod]

Stossel with a chainsaw is the most badass thing I've ever seen. But next time, use a flamethrower on those papers

[@frankphillips6001]

Or at least take off the tip protector and act like a man!

[@darkshadowsx5949]

you cant cut paper with a flamethrower.... he did it as a show of cutting something.

[@smajet5640]

"They owe me still about $40-50,000." Even the lawyer isn't getting his pay on time.

[@coloradostrong]

GOOD.

[@seanriley1603]

It’s a sad situation. What’s worse is the guy working as a security guard at the mall will be out of a job again when the mall shuts down.

[@MrClownWorld]

Yeah that sucks. All thanks to Amazon, they’re shutting down malls and retail stores around the world.

[@killermogle]

@@MrClownWorld Horrible how a corporation could even think about providing low cost products and extremely fast delivery to everyone in the country! They should just let everyone create a clusterfuck in a giant building while paying $200 for a pair of jeans.

[@bob733333]

@@killermogle Give me convenience or give me death.

[@systematic101]

The worst part is they don't give them the option to opt out of the pension. They take the money out of your paycheck regardless of if you want it or not. That's straight up theft. These people would be completely justified in walking into any of those city buildings, packing out the value of what they put into the pension + at least inflation, and taking it. That would should have told the politician to shut the fuck up when they said she was being out of order. You're a politician, you site there and be quiet while the people speak.

[@waaazupd1948]

I bet those fools that declared bankruptcy for that city are getting paid well.

[@frankdelduca8595]

If a private company underfunded the pension fund the CEOs or owners of the company would go to jail why is it that government can get away with this.

[@sickb2200]

Disgusting. Those city officials should be sent to prison for stealing money from retirees.

[@RADIUMGLASS]

This is what happened in Detroit, MI and the mayor reminds me of Kwame Kilpatrick.

[@tedpert1360]

Great video! Thanks john! Privatize almost everything and results will phenomenal!

[@Mark-oc9gz]

Always have a retirement plan for yourself and diversify never never ever rely on anyone else for a pension or support. That’s the golden rule to live by to avoid the situation these poor people have found themselves in.

[@michaelstone1047]

It's a shame. The mayor didn't have the intestinal fortitude to even show up.

[@timmyp34]

Rod Blagojevitch would use the term "testicular fortitude"!

[@logankrohn1472]

@@timmyp34 He meant guts.

[@timmyp34]

@@logankrohn1472 but Blago would still say testicular.

[@reidsimonson]

“Were not looting the town” we are just taking everything left they have.

[@David-yh5po]

So sad to see this town in this situation. I think it's something that the government has got to step up and take responsibility for and some how to fix this problem.

[@TonyBrainerdMN]

Expecting government to fix what government broke? A bankruptcy judge should make the city sell all there assets to cover the liabilitys starting with the pensions. Then the city should be disbanded. I feel for the city employees that lost their pensions, but at the same time they shouldn't have counted on government to take care of them. How often does government keep it's promises

[@bskee001]

True, however, some states have government-sponsored retirement plans with mandatory participation.

[@edwardhickey5185]

Rent out office space for small businesses that the city owns. Loosen up all the laws so the city can operate within their budget. Small business is the answer is the backbone of America.

[@jonathanmarshall2860]

The problem with that is big businesses run them out of business because they can not compete with the prices big business can deliver. John says all the right pro-capitalist things but he doesn't warn no one about the other end of the problem. Let's not forget the housing crisis that big business help cause. There has to be a balance to this. He wants everything private and there are something that private-businesses should keep out of.

[@terryrussell-dn2is]

Wow, heartbreaking!! Look who suffers!! The hard dedicated employees!!😢😢

[@richardthenryvideos]

Literally laugh out loud moment!! Stoss is talking to the city lawyer and he asked him how much the city pays him. The lawyer? "How don't understand how that's relevant?" WHAT?!?! It's a direct correlation. Yikes.

[@michaelpaliden6660]

Stosel should've replied Yikes that much

[@killermogle]

It's like asking about someone's financial situation and then asking how much they spend on rent.

[@dodgeman4360]

This is what we'll see in 15 years.

[@treerat7631]

Were like a collage kid with a credit card that just keeps running up the bill

[@LibertyLocalizer]

This is literally Eagleton from Parks and Rec.

[@marcm5929]

7 thumbs down are from Richard city counsel & mayor

[@MyWowski]

Relaying on the government, any government, NEVER ends well!

[@alexmcdowell8868]

The whole city council looks pretty incompetent

[@gatorbuilt]

The actions confirm this incompetence.

[@colinrogers5419]

4:15 somebody got their tax refund...

[@edsteward7717]

This country needs to wake up its politicians. Spending more than you bring in has never worked.

[@weirdnomad8868]

Fleecing old people? The epitome of disgusting

[@BunnySlippers82]

The whole country will be weeping when the thieves successfully rob every last dime of social security and there's nowhere else to get the money from.

[@DaMoNarch91]

They keep reelecting them. You get the government you choose. If this has been going on for decades it's because anyone who ran on a policy of cutting spending was outvoted because no one wants their particular favorites cut

[@john172867]

Never believed in public pensions for this very reason.

[@SoCalGrandpa67]

This all makes senses except, who kept them in office. THE VOTERS!!!!! I get the government you deserve.

[@frankphillips6001]

This is tragic for these people but this is what you get when you work for the government. Public sector unions? You get what you give.

[@jimziemer474]

For heavens sake, sell the golf course. Why is the mayor making so much for doing such a poor job? That attorney doesn’t seem very good either. It’s obviously wrong when the city has obligations and wastes money on things as a golf course. The city is in a terrible financial mess and then wastes more money on this attorney.

[@nina2x]

This is why we need more independent candidates running cities & states

[@michaelpaliden6660]

I do not like government pension systems However you have an agreement live up to it.

[@Stan_in_Shelton_WA]

Look at the elected officials, get and average I.Q. Then it would be easily understood.

[@michaelpaliden6660]

How smart does that make the voters?

[@OTTO149x]

Telling a retirement-aged person that their pension is no longer there is one of the worst things I can imagine. Sell the Goddamn city hall if you have to but don't leave those employees.

[@Dmal2301]

Why not run against these corrupt politicians and put into law that you have show a fiduciary responsibility to manage the city's finances. Make it illegal to not do so? To get the town back on its feet you will have to temporarily raise taxes, privatize some services, and borrow some money until you get back on your feet.

[@arayabuchichi3798]

This is the results of politicians giving free stuff

[@CheapHomeTech]

Our whole nation is composed of entitled politicians thinking anything they do will work out in the end. Why don't the government employees realize the obvious and move on. Or are they also entitled and deserve what they get?

[@roostrand16001]

just like they all do just spend money they dont have to worry about it its not their money

[@bradroth2249]

Retired public worker forced to go back to work as public school teacher.

[@swoops223]

Can’t you sue the city ? They are like any other business if they don’t pay you for your work then it’s illegal.

[@abdulrahmanchalya7873]

i dont think you can sue a gov or a business that declared banktruptcy

[@wPJyat]

Save your money, dont rely on pensions

[@mfblowfish4671]

Why save when inflation will make your savings worthless?

[@stevenlangdon-griffiths293]

The town is broke, he asks the town lawyer how much do cost? He answers by asking how is that question relevant? That's why Pritchard is broke.

[@Norm475]

This is why I like a defined contribution plan versus a defined benefit plan. My company switched plans about forty years ago. I have been retired for 20 years. I can invest my money as I see fit. I can leave my assets to my children when I die. I don't have to worry about some crooked ass political hack stealing my pension.

[@logicreason2736]

The pensioners voted the crooks in to promise gold plated pensions. Now these can’t be honored. Let them stew in their bad past decisions.

[@lorimiller623]

In all fairness, this seems more like an income problem than a spending problem. According to Wikipedia, Prichard is a small town with a 33% poverty rate and a population that's been steeply decreasing for decades. The paper mills closed in the 80s and 90s and the town declared bankruptcy in 1999. Small towns everywhere are facing similar problems. It would be a nice symbol for the mayor to take a pay cut from $90,000 (IIRC) to somewhere closer to the per-capita income of $13,000. But even if the mayor worked for free, shut down the golf course and cut some city jobs, it probably wouldn't be enough to pay all the pensions--which is a sad thing.

[@michaelpaliden6660]

Spending and income are inseparable you can't spend more than you make without going broke

[@michaellowe3665]

The problem did fix itself. The people that decided not to balance the budget in 2003 are mostly gone. They got their pay and moved on leaving the problem to other people to solve. Even if they still work there, they wont be affected until they get voted out. Why would we ever expect a 4-8 year politician to plan ahead. Pay them in city bonds that don't mature until they are out of office. Most of all, they shouldn't have the power to set up an economic development department or golf course. They should only have the power to set up essential services like police and fire.

[@gatorbuilt]

Put them on a performance bonus plan with a reasonable salary.

[@paulsawczyc5019]

Most people don't get pensions - no guarantees in life.

[@edwardhickey5185]

Another reason why you don't trust local government. Greed is a magic word.

[@leejamestheliar2085]

Top down corruption in this country. Why should the little governments do what they are hired for, if BIG BROTHER doesn't do what they were hired for? The parents set the example.

[@RezaQin]

Still applicable today. Nice triple chin, lawyer guy.

[@majorchungus]

It makes me scared to think that I wont get my Military pension.

[@casteel765]

That's why you don't live in Alabama.. I lived there and that was the most crooked state I've ever lived in

[@Lebst]

Alabama is not that bad of a state in many places, but Prichard is notorious around here for how bad of a city it is and no one wants to go there or even drive through it if they can help it.

[@logicreason2736]

The politicians past made promises they didn’t have to keep.

[@philtimmons722]

Reaganomics, USA. All levels of .gov have been accumulating debt since the 1980s. Came from the Top Down. Reagan and the R(s) cut taxes, replaced short-falls with Debt, and then Interest on the accumulating debt eats more and more, until it consumes all.

[@edwardhickey5185]

Sale the Golf Course.

[@MrJohnm1965]

This is a travesty!! The town should be held responsible for the former employees situation!!Sad!!!!

[@TheDragonCat99]

I didn’t see a single non-black on that entire council. Interpret that as you will.

[@TheDragonCat99]

Bino Elcoolio All I did was make an observation. As I said, make of it what you will.

[@michaelpaliden6660]

I didn't notice I just saw assholes

[@michaeljedd9359]

@@binocoolio That there is just the truth, sucks that the truth hurts.

[@mitchceiling1506]

These videos remind me of the late 90’s early 2000s

[@TM-dh2xb]

So this video is 5 years old now. I wonder if anything has changed, particularly the make-up of the city government.

[@antoniokontos8345]

Real journalism

[@tedpert1360]

But Prichard can't print!

[@cgh7337]

Don't pay your taxes? You go to jail. Retirees don't get their pension? Tough shit.

[@cones914]

And thats why you try to stay as far away as you can from government.

[@darrellemerick7039]

I don't have the money to pay my state tax. What would happen?

[@dogan6070]

This is why you don't put your hopes and dreams into the government do your s*** for yourself and save your own money

[@joshualusco2573]

It get sadder and sadder people work all there life and get screwed.

[@casteel765]

And another reason why social security should be abolished

[@chimayinasniffer]

They’re obviously qualified for federal positions.

[@jets6898]

Looks like the lawyer looted a macdonald's.

[@TransitAndTeslas]

Making over a website should have money set aside for. But there’s a reason most government websites suck, no money to pay for it.

[@charliepearce8767]

Look towards South Africa for guidance... Those guys have got their $hit together.

[@hankigoe8615]

i have to wonder, how long until this is writ large across america itself?

[@thomasbarlow4223]

This is why im moving to the woods

[@henrycomputer1403]

That empty main Street says alot. I'll bet that town has a Walmart

[@KuliJens]

The man at 0:25-0:30 looks exactly like Matthew Rhys (Philip) from 'The Americans'

[@howardmccauley7878]

Politicians in America will fuck up anything they touch.

[@jimda4910]

Somehow I get the feeling there's going to be enough money in the pension fund when those people on the board currently ,retire.

[@Theok93]

Well mayors and politicians don't happen by themselves

[@marti-nz]

I just sawed this budget in half!!!

[@sk8board52]

Little to no accountability from people in power even at the local level. If there was a threat of having to visit the toss salad man for fucking up, those in power would take their job more serious.

[@houseoffolly]

I'm sure the union leaders knew the score. And probably most of their underlings. Here is how things really work. The union members want a raise. There is no money for a raise. the union goes, okay, instead of making the pension contributions how about using that for a raise, then in their double dipping ways making the city promise to put those pension payments in later. Well later has come and the city has not made those pension contributions. I guess the city employees should have saved some of their non-market based excessive back scratching salaries.

[@HansZarkovPhD]

I'm a little confused. Maybe this works different in Alabama, but, I am about to retire, 26 years in City/local law enforcement. We contribute 12% of our paycheck to a state funded/invested pension system. So, even if the city goes bankrupt, it has nothing to do with the state retirement. The entire state would have to run out of money before the pension stopped. Our city is responsible for after retirement insurance, and stopped that back in 2009 without any warning. Why is this a Prichard city problem and not a state of Alabama problem?

[@gatorbuilt]

Basically, government entities require tax revenue as their primary, and often ONLY source of income...when the tax base shrinks (property taxes, sales tax, local fees for biz permits & garbage collection, even police dept revenue streams like citations, etc) then there is less money to pay the bills...and those are the REQUIRED overhead essentially...governments pay utilities, have insurance and multiple long-term obligations such as pensions and health insurance, security guards at libraries, government have lots of payroll...that's why people went to work for the government at such comparative low pay, for the long-term benefits...it is actually possible that the State refused to deal with that mess and hence they have not fallback...it would be my guess that the State portion ensures existing services and employees be paid so that the city doesn't just turn into the wild west when police, fire and government employees don't do their job because they aren't being paid...long-term/pensions/retirement benefits probably aren't covered...note the female police sergeant who got only TWO retirement checks...didn't say she missed any regular payments when working.

[@smartass199614]

I see that you saw The Onion’s video as well John. The glory days of satire.

[@treerat7631]

The problem with printing money is hyper inflation. Example Vensluizia. and 1930's Wimer republic Germany

[@themonopolyguy8126]

So sad thanks a lot Uncle Sam

[@gatorbuilt]

Uncle Sam is the FEDERAL GOV...this is a local/municipal problem in Prichard, AL.

[@donaldgreen7471]

The more the government can put on the payroll the more votes they bought,I mean have.

[@MrJorge6986]

Corruption at its finest!

[@jasonhorst9154]

So why are they getting paid

[@whiterabbitrunsandguns]

Why do they keep getting voted in?

[@alexandarvoncarsteinzarovi3723]

America is slowly becoming Germany after WW I or France after Luis the Sun King and we all know how that turned out right! :D

[@natalyv84]

Taxpayers should never have been saddled with any public employees pensions. Public employees should be responsible for their own pensions, just like private employees. Otherwise, they're nothing more than public parasites.

[@edwardhickey5185]

This is a really easy fix b Vote these people out. Starting with Mayor. He should lead by example. Let him work a couple years without getting paid.

[@underratedcomments9436]

i feel the same way about social security if i could just put all the money they take from me into my own account it would millions by time i retire. but im a scum bag piece of shit in Americas eyes i get nothing.

[@cuzsleepisthecousinofdeath]

Cuts should be made - they hire a lawyer instead