The Pension Gamble

FRONTLINE: Film Audio Track | PBS

FRONTLINE

Wgbh, Frontline, Pbs, Tv & Film, Documentaries

4.6 • 2.4K Ratings

🗓️ 7 November 2018

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

FRONTLINE investigates the role of state governments and Wall Street in driving America’s public pensions into a multi-trillion-dollar hole. Marcela Gaviria, Martin Smith, and Nick Verbitsky go inside the volatile fight over pensions playing out in Kentucky, and examine the broader consequences for teachers, police, firefighters and other public employees everywhere.

Transcript

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0:00.0	This is an audio cast of the Frontline Program, The Pension Gamble,
0:04.1	premiering October 23rd on PBS and PBS.org slash Frontline.
0:09.2	The correspondent and narrator is Martin Smith.
0:11.9	Music
0:25.9	Tonight on Frontline, it was a promise made to all state workers.
0:32.0	They said if you dedicate your life to public service, we would guarantee you a solid retirement.
0:38.9	But what happened?
0:39.9	They have effectively raided pension funds.
0:42.9	The pension was used basically as a piggy bank.
0:45.9	Frontline correspondent Martin Smith investigates.
0:48.9	How did it go down with the policemen and the farm?
0:51.9	I don't think it went down well with anybody.
0:55.9	My insurance is crap. My pay is crap.
0:58.9	But I love what I do when I was promised this pizza.
1:00.9	$14 million he didn't pay to undisclose individuals for doing little or nothing.
1:06.9	It was happening all over the country.
1:08.9	This is a crisis of epic proportion.
1:11.9	If we are unable to meet the pension obligations, this comes at the expense of everything else that we carry on.
1:17.9	Tonight, the real cost of the pension gamble.
1:20.9	Kentucky might be the first one to go down, but it won't be the last.
1:26.9	Frontline is made possible by contributions to your PBS station from viewers like you.
1:32.9	Thank you.
	...

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