Posted: April 05, 2010
12:49 pm Eastern
© 2010 WorldNetDaily
Editor’s Note: The following report is excerpted from Jerome Corsi’s Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and columnist. Red Alert subscriptions are $99 a year or $9.95 per month for credit card users. Annual subscribers will receive a free autographed copy of “The Late Great USA,” a book about the careful deceptions of a powerful elite who want to undermine our nation’s sovereignty.
In what may be the beginning of an explosion of city insolvency across the U.S., the city of Vallejo, Calif., with a population of 117,000 in the San Francisco Bay area, has filed bankruptcy, Jerome Corsi’s Red Alert reports.
Citing a 2009 Cato Institute study, Steven Greenhut, director of the Pacific Research Institute’s Journalism Center in Sacramento and author of “Plunder! How Public Employee Unions Are Raiding Treasuries, Controlling Our Lives and Bankrupting the Nation,” notes police and firefighter salaries, pensions and overtime accounted for 74 percent of Vallejo’s $80 million general budget, significantly higher than the state average of 60 percent.
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