A City of Los Angeles bankruptcy could be nearing, with the city a victim of the same unfunded public pension liabilities that are crippling municipalities like Stockton and San Bernardino across California, and elsewhere as well.
A Stanford study sums up the dismal figures. The percentage growth for spending on pensions is greater than that for public safety.
Who could have possibly predicted a City of Los Angeles bankruptcy??? Former LA Mayor Riordan, that’s who…
But the tired game of pretend and extend continues, with the mayor and city council pretending all is fine while using accounting tricks and loans to extend the problem further down the road.