Vallejo Faces 2nd Bankruptcy Because They Didn’t Restructure Pensions

What happens when cities do not protect the citizens from out of control government pensions?  Cities like Vallejo, San Bernardino and Stockton have gone bankrupt because of pension payments that are unaffordable.  We now know that Stockton has decided to stiff all of their vendors and bond holders—but not cut a dime owed to CalPERS.  What does that mean?
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