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Why do Democrat politicians lie? They spend and claim it will help create jobs. They raise taxes and call it an "investment", one that is guaranteed to lose, and you have no choice, government will steal your money and invest it in special interests, unions and other wasteful projects.
Phony Tony, the Mayor of Los Angeles, claims the budget deficit is "only $349 million". He is a liar.
"The City is projecting a Budget Gap of $349.8 million, representing 8.0% of General Fund Revenue of $4.4 billion.
But the $350 million budget gap is vastly understated. It does not reflect the underspending on our streets and other infrastructure, the underfunding of the City’s two major pension plans (the Los Angeles City Employee Retirement System and the Fire and Police Pension Plans), and the failure to recognize costs as incurred, such as police overtime.
In reality, the Budget Gap exceeds $1,000,000,000 ($1 Billion), or almost 23% of General Fund Revenues, when you factor in the annual requirements needed to fund the repair and maintenance of our infrastructure and the proper funding of the two pension plans."
San Fran is not reporting all the unfunded liabilities. They, like LA do not report the lack of maintenance, overtime or other costs. The State of California has refused to pay over $10 billion in lost lawsuits--by Arnold, and now Jerry, refuse to note that as part of the State deficit. So when they say the State is $25 billion in deficit, it is actually $35 billion--but it is really almost $40 billion if it is a dime--and growing.
California government, at the State and local level is about to collapse due to the fraud of the budget reports. At some point the checks will bounce. Wall Street has already raised the interest rates on California bonds--and refuses to buy much more. That is the real reason Brown has a six month moratorium on the sale of bonds in the budget--not because of prudence, but because of the high prices and lack of buyers.
Former LA Mayor Riordan is right, Los Angeles is about to go bankrupt. Will Phony Tony blame Bush for this?
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Phony Tony, the Mayor of Los Angeles, claims the budget deficit is "only $349 million". He is a liar.
"The City is projecting a Budget Gap of $349.8 million, representing 8.0% of General Fund Revenue of $4.4 billion.
But the $350 million budget gap is vastly understated. It does not reflect the underspending on our streets and other infrastructure, the underfunding of the City’s two major pension plans (the Los Angeles City Employee Retirement System and the Fire and Police Pension Plans), and the failure to recognize costs as incurred, such as police overtime.
In reality, the Budget Gap exceeds $1,000,000,000 ($1 Billion), or almost 23% of General Fund Revenues, when you factor in the annual requirements needed to fund the repair and maintenance of our infrastructure and the proper funding of the two pension plans."
San Fran is not reporting all the unfunded liabilities. They, like LA do not report the lack of maintenance, overtime or other costs. The State of California has refused to pay over $10 billion in lost lawsuits--by Arnold, and now Jerry, refuse to note that as part of the State deficit. So when they say the State is $25 billion in deficit, it is actually $35 billion--but it is really almost $40 billion if it is a dime--and growing.
California government, at the State and local level is about to collapse due to the fraud of the budget reports. At some point the checks will bounce. Wall Street has already raised the interest rates on California bonds--and refuses to buy much more. That is the real reason Brown has a six month moratorium on the sale of bonds in the budget--not because of prudence, but because of the high prices and lack of buyers.
Former LA Mayor Riordan is right, Los Angeles is about to go bankrupt. Will Phony Tony blame Bush for this?
More...
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