Today, the city of Vallejo, California filed for bankruptcy due to excessive city employee costs and pension obligations. The public employee unions have had a merry time, bidding up salaries and pensions by supporting enabling politicians. Now, the real estate crunch may be the straw that broke the proverbial camel’s back. This will not be the last municipal bankruptcy. A few elected officials have recognized the danger and tried to do something about it, but they are few, far too few.
Tags: bankruptcy, California, local, pensions, public employees, unions
‘The looting continues apace.’
Public supervisory boards tend to vote on the liberal side of things, so I agree that we will see more of this.
>>>>Those city workers salaries comprise about three-quarters —$74 million— of Vallejo’s general fund budget.
A vague rule of thumb is that salaries should be one half of the budget, so we can see here that the big bag of taxpayer kool-aid has been flowing a little heavy towards personnel costs.
>>>>That allows for what critics say is a generous annual pension at age 50, but one that the deputy sheriffs say is a well-earned retirement for people who work in dangerous jobs.
I appreciate the work of law enforcement, but maybe this should be reflected in the salary, or a bonus for danger. Society should have some expectation that a 50 year old will remain productive and contributing, not one in need of a pension.
Maaaan, you know there is such thing in the web like search engine, http://google.com if you don’t, go there to understand why this post is bullshit