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US cities can't pay and there won't be a "bailout"

A guy joins the police force at 21 and retires 20 years later.

At 41 he start collecting $50,000...$80,000...$100,000 a year plus full medical benefits for the rest of his life which could easily be another 30 years.

Multiply this by teachers, school administrators, firemen, sanitation workers, and a dizzying array of government workers and you can see what the problem is.

Towns and cities around the US are facing "legacy costs", ridiculous pension promises made to government workers.

Detroit, with the collapse of its tax base, is facing the fire now, but it's all but inevitable for practically every government entity in the nation.

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