Steven Greenhut has been writing for years about these public employee bonanzas in Southern California, but with the housing bust and other economic calamities on the the horizon, I suspect other cities are going to follow Vallejo. For many years, public employee unions have looted one city after another, and from what I can tell, the bills are going to come due. (The list of salaries is only the surface. The benefits and pensions are breathtaking and clearly are NOT sustainable in a rational economic world.) Don’t forget that many of these employees would be hard-pressed to find comparable work … Continue reading Coming California Municipal Bankruptcies