San Jose Mayor Pushes for Pension Reform

Vallejo, Stockton and San Bernardino have declared bankruptcy, but they're not the only California cities in dire financial straits. Several others say they can't afford police, parks and other basic services because they're paying so much into workers' retirement plans. The Wall Street Journal says San Jose is the nation's richest major city, but that it's threatened with bankruptcy because of public-pension obligations. Mayor Chuck Reed is a Democrat who's willing to challenge organized labor with a proposal for next year's statewide ballot.