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As of May 10 the city of Los Angeles will no longer be able to meet payroll.
As of June 30, every dime in the reserves will be gone.
Los Angeles is dead broke. "With the city facing the possibility of running out of money by next month, Mayor Antonio Villaraigosa today called on the city to shut down non-revenue-generating services -- such as parks, street-sweeping and libraries -- for two days a week.
He said the police and fire departments would not be affected by the closures, which he said would take effect Monday."
This is because the DWP would not give $73 million to prop up the city budget--they wanted a 24% rate increase in exchange. For years the rates payers have had their rates jacked up to cover the out of control spending of the city of Los Angeles.
Finally, the city of Los Angeles is going to have a fiscal collapse. What will be interesting to see is if the people of LA even care of government is closed 40% of the time--will it be missed?
If this is allowed to stand, see San Fran and maybe even San Diego close one or two days a week as well.
Looks like we have too much government and instead of real cut backs, we get furloughs.
Is this the start of a national fiscal crisis? Maybe this would be a good idea for Arnold--close the State for 40% of the time! Better yet, for all government, fire 40% of the employees--then see how many more need to go.
What is your solution to the problem?
More...
As of June 30, every dime in the reserves will be gone.
Los Angeles is dead broke. "With the city facing the possibility of running out of money by next month, Mayor Antonio Villaraigosa today called on the city to shut down non-revenue-generating services -- such as parks, street-sweeping and libraries -- for two days a week.
He said the police and fire departments would not be affected by the closures, which he said would take effect Monday."
This is because the DWP would not give $73 million to prop up the city budget--they wanted a 24% rate increase in exchange. For years the rates payers have had their rates jacked up to cover the out of control spending of the city of Los Angeles.
Finally, the city of Los Angeles is going to have a fiscal collapse. What will be interesting to see is if the people of LA even care of government is closed 40% of the time--will it be missed?
If this is allowed to stand, see San Fran and maybe even San Diego close one or two days a week as well.
Looks like we have too much government and instead of real cut backs, we get furloughs.
Is this the start of a national fiscal crisis? Maybe this would be a good idea for Arnold--close the State for 40% of the time! Better yet, for all government, fire 40% of the employees--then see how many more need to go.
What is your solution to the problem?
More...