Los Angeles goes down the tubes:
Los Angeles could face nearly a $1-billion shortfall by 2010 because of a mammoth bailout needed for the city’s employee pension funds, which have seen investments tank in the spiraling national recession, according to a city budget report released Friday.
The grim forecast of a $983-million budget gap came as Mayor Antonio Villaraigosa already was considering widespread city layoffs and deep cuts to services because of the worsening financial crisis. The mayor is also exploring whether to privatize the Los Angeles Zoo and leasing city parking garages and meters, which could raise hundreds of millions of dollars. The total budget this year is $7 billion.
I feel bad for Los Angeles – I lived there back in the 80’s, before liberals outlawed fun and I moved to more relaxed areas of the country. But Los Angeles is getting precisely what it asked for: by electing an endless string of big-spending uber-liberals and capping it off with Villaraigosa – a kook left race hustler from waaaay back – the people of Los Angeles have no one but themselves to blame for their predicament. Sitting on a beach with some of the most valuable real-estate in the world, Los Angeles demonstrates that if liberals were placed in charge of the Saraha Desert, there would eventually be a shortage of sand.
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