First Man Down, How Many to Go?

From NBC in San Francisco: Vallejo On Brink Of Bankruptcy.

The city of Vallejo is on the brink of becoming the first California city ever to declare bankruptcy, City Council members said Tuesday.

Vallejo may run out of cash as early as March, council member Stephanie Gomes said.

"Not only that, but now we have 20 police and fire employees retiring because they are afraid of not getting their payouts," Gomes said. "That means we have another few million dollars in payouts that we had not expected. So the situation is quite dire."

Gomes said the situation has been building for more than a decade.

"This has been happening for quite a while. For 15 years the city council has been putting Band-Aids on the problem. (It has been) extending contracts and deferring payments for public safety to the next years as a way of balancing the current budget."

This is the norm not the exception. There is no way all those pensions are going to get paid. The pensioners are pretty much screwed.