How to bankrupt a city.

In his September 11, 2008 Washington Post column George Will discusses the City of Vallejo, California and its very real possibility of bankruptcy.  In Vallejo, a “police captain receives $306,000 a year in pay and benefits, a lieutenant receives $247,644, and the average for firefighters — 21 of them earn more than $200,000, including overtime — is $171,000. Police and firefighters can store up unused vacation and leave time over their careers and walk away, as one of the more than 20 who recently retired did, with a $370,000 check. Last year, 292 city employees made more than $100,000. And after just five years, all police and firefighters are guaranteed lifetime health benefits.”

It is a column worth reading.

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