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.