The city of Stockton California is about to go bankrupt. Now Californians have done some wacky self destructive things in the past, like the state spending billions on global frauding...oops...warming. Their hubris is staggering. Even if this was a real problem, what they did by spending a few billion would have been the equivalent of trying to extinguish a five alarm fire with a water pistol. Another example of their past insanity is around 1998, after a year where Silicon Valley executives exercised record stock options and the corresponding tax revenue to the state hit record levels, the legislature did a budget that assumed the same amount of money and more would be coming in year after year. Surprise surprise... when the money didn't appear, they raised taxes.
But Stockton takes the stupidity award, and this is only one example of many. For a period of time any city employee who worked for as little as 30 days, was given health care for him and his family for life, and for free. If we assume that a married man 30 year old with two children worked for a month, and the average inflation adjusted cost of health insurance over his lifetime would be $7,000 per year, also that he lives to 78, that would be a $336,000 benefit. If that number gets brought back for present worth, at today's interest rates it comes to around $140,000. If there were 20 work days in the month he worked, forgetting the employees pay or other benefits, he would be receiving $7,000 per day from this alone. And these are the people running our government. BTW Another shocker... the city council that passed this were liberal Democrats.