Somebody quickly handover the viagra to the monkey!

How Stockton went broke: A 15-year spending binge
By Jim Christie
SAN FRANCISCO | Tue Jul 3, 2012 6:52pm EDT
(Reuters

Quote:

The man in charge of the biggest U.S. city ever to file for bankruptcy is clear about the root of the crisis.

It was a decision that gave firefighters full healthcare in retirement starting on January 1, 1996, said Bob Deis, the city manager of Stockton, California.

At the time, the move seemed cheaper than giving pay raises sought by unions, officials involved in the decision said. When other Stockton employees demanded the same healthcare deal in following years, the city agreed.

Deis, who signed Stockton's bankruptcy filing last Thursday, slammed the decision to provide free healthcare to retirees as a "Ponzi scheme" that eventually left the city with a whopping $417 million liability....

more: http://www.reuters.com/article/2012/07/0....

Quote:

Deis, who signed Stockton's bankruptcy filing last Thursday, slammed the decision to provide free healthcare to retirees as a "Ponzi scheme" that eventually left the city with a whopping $417 million liability....

One of the benefits at the firm I had worked for was group health insurance for early retirees. That was under $200 per month until they froze the amount they would contribute to that plan. Since then it has steadily increased to $2800 per month. We chose our own high-deductible policies that still total less than $800 per month.