The Stockton, Calif., bankruptcy is just the start of cities and states declaring their uncontrolled expenditures. Yes, uncontrolled.
These generous pensions granting 90 percent of an employee's regular wages, allowing retirement at age 50, and retirees receiving an automatic cost-of-living increase each year are absurd. I felt the auto and steel workers unions were powerful but these state worker unions have proved to be more powerful.
They are as powerful as the industrial uunions were. The cycle continued to turn and eventually the power of the unions was diminished. If the greed isn't corrected, bankruptcy will eventually correct it.