Stockton, Chicago Money Giveaways a Guaranteed Bust 

Back in 2012, Stockton, California, was one of the first cities to declare bankruptcy, and the cause of the collapse was clear. The city gave “free” health care to retirees, which left it with an unfunded liability of $417 million. Stockton also allowed police officers to retire at age 50 with pensions based on 3 percent of final pay for each year in service. City workers in government employee unions could retire at 55 with 2 percent of final pay multiplied by years of service. This spending spree was an easy sell but drove the city into bankruptcy. So it makes

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