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Los Angeles has a deficit of $212 million. Next year the deficit will be around $483 million. In five years, the deficit will be one billion dollars.
That has not stopped Phony Tony and his friends from doing more hiring, instead of firing. "Combined with the worst economic decline since the Depression, those dwindling sources of cash have forced city officials to confront a problem they have long tried to ignore -- a steady growth of the city payroll for the last decade.
The city's core 35,000-member workforce increased by at least 3,000 between 2000 and 2009. During the same time, Los Angeles' yearly pension contributions more than tripled to $723 million, fueled by investment losses but also by the larger payroll."
At some point, along with the State, Los Angeles will have a fiscal collapse.
California is in for a generation of the Great Depression--this is one of the reasons. Are you going to do anything about it?
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That has not stopped Phony Tony and his friends from doing more hiring, instead of firing. "Combined with the worst economic decline since the Depression, those dwindling sources of cash have forced city officials to confront a problem they have long tried to ignore -- a steady growth of the city payroll for the last decade.
The city's core 35,000-member workforce increased by at least 3,000 between 2000 and 2009. During the same time, Los Angeles' yearly pension contributions more than tripled to $723 million, fueled by investment losses but also by the larger payroll."
At some point, along with the State, Los Angeles will have a fiscal collapse.
California is in for a generation of the Great Depression--this is one of the reasons. Are you going to do anything about it?
More...