Once Bankrupt, Vallejo Still Can’t Afford Its Pricey PensionsMarch 10, 2014 – In The News
Michael Sweet was quoted in the CNN Money article "Once Bankrupt, Vallejo Still Can’t Afford Its Pricey Pensions." While the full text can be found in the March 10, 2014, issue of CNN Money, a synopsis is noted below.
While the city of Vallejo emerged from bankruptcy just more than two years ago, the California city still finds itself struggling to pay its bills due to increasing pension costs.
Vallejo’s bankruptcy was likely only a short-term fix to its financial problems, according to Michael Sweet.
"The problem will continue to fester until people face up to the fact that the money available is less than promises made," Sweet said.