Health Care For Life

The financial struggle of Stockton, Ca., provides a reminder of another big fiscal woe that states and cities are allowing to build up without much in the way of reform, namely the staggering cost of providing retirees with health care for the rest of their lives. Many places like Stockton, which has an astounding $417 million in unfunded liabilities for retiree health care, have done little to set aside funds for this cost and instead have simply been trying to pay the benefit out of their everyday budgets as more and more workers retiree.