Los Angeles on the brink: $2.2 billion of Los Angeles of $7.5 billion dollar budget goes to debt and pensions (wages, illegal)

[lovecrowds]

https://www.bloomberg.com/graphics/2...d-cost-ratios/

I guess the big projects and big union pensions are really catching up to LA and many other cities.

A staggering 2.2 billion dollars of Los Angeles 7.5 billion goes to pensions and debt payments.

I can't imagine the economic freefall of America's large cities that is coming very quickly. I predict many union-loving big cities will resemble third-world countries in the next decade.

A small, ultra-ultra elitest rich area of the city with lots of the rest looking like the favela's of Brazil.

[EastwardBound]

Originally Posted by lovecrowds

https://www.bloomberg.com/graphics/2...d-cost-ratios/

I guess the big projects and big union pensions are really catching up to LA and many other cities.

A staggering 2.2 billion dollars of Los Angeles 7.5 billion goes to pensions and debt payments.

I can't imagine the economic freefall of America's large cities that is coming very quickly. I predict many union-loving big cities will resemble third-world countries in the next decade.

A small, ultra-ultra elitest rich area of the city with lots of the rest looking like the favela's of Brazil.

No surprise, really. LA's has also struggled for years now that it's over a quarter illegal, having really fallen from grace, with failing schools and falling wages. It's a real shame what has happened and I'm thankful I don't have to live there, with a rich elite living well and the poverty stricken others working to support them. Also, what a shame the middle class has been pushed out into the desert.

[lovecrowds]

Originally Posted by EastwardBound

No surprise, really. LA's has also struggled for years now that it's over a quarter illegal, having really fallen from grace, with failing schools and falling wages. It's a real shame what has happened and I'm thankful I don't have to live there, with a rich elite living well and the poverty stricken others working to support them. Also, what a shame the middle class has been pushed out into the desert.

I visit Los Angeles frequently, but would never live there.

Interesting city to explore for a few days. I stay at motels in Orange County for a few days when I visit and take the Metrolink up or Blue Line from Long Beach.

It is a terribly run city though. A city can't function well with a huge poverty class, a tiny middle-class and a small elite.

To be fair, many cities in the decade due to the unions will likely be in a similar position though with extremely high debt and pension expenses that pretty much either put the cities in a position that they either have to a tremendous tax increase that would tax a majority of residents out or huge services reductions to the level of cities in the third-world countries have.

[Retroit]

I love when Socialism collapses.