With Stockton, California officially bankrupt, one of its luckier residents, Tom Morris, once again finds himself in the news. His $204,000 per year pension is seen as a symbol of the public employee excesses that helped push the city into insolvency. $204,000 is a lot of money most places in America. The San Joaquin County municipality is no exception. The average median household income there is $45,700 per year. The vast majority of its residents can scarcely imagine retiring at age 52 and receiving more than $200,000 every year for the rest of their lives.
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