Interesting article in the Wall Street Journal re: California cities trying to keep up with the escalating cost of police protection. Police in Vallejo on average are taking home $190,000 in salary and benefits. Are you kidding me? The AVERAGE is $190k. And they wonder why they are bankrupt. Imagine when the average office retires at 50-something and gets 90 percent of his/her salary as an inflation-adjusted pension for life. I repeat what I’ve said before … I thank God for the great police/fire people who protect us everyday. But the salaries and pensions have to make sense. CalPers is underfunded and because of union pressure, no legislator has the guts to actually address the problem. I fear the state of CA will end up like General Motors… on the brink of perpetual insolvency because of legacy costs that hang like an albatross around our necks. Here is the linK:
http://sec.online.wsj.com/article/SB122540831980086085.html#articleTabs%3Dcomments
