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Former Mayor Says L.A. is Headed Towards Bankruptcy

Richard Riordan
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In the Wall Street Journal yesterday, former Mayor Richard Riordan and a president of a local investment advisory firm said Los Angeles is on the brink of Bankruptcy. That's not a surprising claim, but the two lay out why they think this and a how-to to fix it. They say the problems are related to two numbers: 8% and 5,000."Five thousand is the number of employees added to the city's payroll during Mr. Villaraigosa's first term as mayor," they claim. "According to California's Economic Development Department, when Mr. Villaraigosa took office there were 4.73 million jobs in Los Angeles and 252,000 unemployed people. Today, there are just 4.19 million jobs in Los Angeles and over 632,000 unemployed people."