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Former Mayor Says L.A. is Headed Towards Bankruptcy
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."
About the 8% number, that's "been the projected annual rate of return on the assets in Los Angeles pension funds," they wrote. "Four years ago, we strenuously warned Mr. Villaraigosa of the dangers behind the myth of that 8%, only to be told by the city controller's office that our warnings were 'based on faulty assumptions which are largely disputed.'"
Villaraigosa hasn't done a full rebuttal yet, but has said "those representations are not based on fact" and the city will "never go bankrupt" under his administration. An official rebuttal to the op-ed is being worked on, according to the LA Weekly.
Southern California's Snow-Capped Mountains Are Beautiful. Here's Where To Maximize The View (And Snap A Great Picture)It's been many, many years since we saw this much snow in our mountains. Going up there right now isn't safe, but here are some places where you can enjoy the view and snap a pic.
April Valentine died at Centinela Hospital. Her daughter was born by emergency C-section. She'd gone into the pregnancy with a plan, knowing Black mothers like herself were at higher risk.
A look at years past when snows creeped into our citified neighborhoods, away from the mountains and foothills.
In the face of a drier future, that iconic piece of Americana is on its way out in Southern California.
Another Missing Hiker Has Been Found Dead In San Gabriels As Search For Actor Julian Sands ContinuesBob Gregory, 62, went missing the same day as Sands. His body was recovered near Mount Islip.