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Former Mayor Richard Riordan must be losing it. He is blaming bad policy on pensions as the cause of the soon to be declared bankruptcy of the City of Los Angeles. Guess he forgot HIS role in this mess.
"Los Angeles voters were told in 2001 that a pension increase package for police and firefighters would save the city $196 million a year topping a better known but equally faulty CalPERS forecast that only said a state pension hike would not raise costs.
The voter-approved pension increase in Los Angeles was among the factors mentioned when the city council was told earlier this month that soaring pension and retiree health costs could eat up a third of the citys general fund by 2015.
An irony is that a leading advocate of the pension increase in 2001, then-Mayor Richard Riordan, warned in a Wall Street Journal article last May that Los Angeles is likely to declare bankruptcy by 2014, mainly because of out-of-control retiree costs."
As a private citizen he is preaching "small government". While in office he outbid the Democrats on building bigger government--the pensions are just one example. Confusing?
Here is a hint. Do not listen to his words, watch what he does--who does he endorse or donate to, who does he speak for and what policies he is promoting. His history is not a good one for those who support freedom.
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"Los Angeles voters were told in 2001 that a pension increase package for police and firefighters would save the city $196 million a year topping a better known but equally faulty CalPERS forecast that only said a state pension hike would not raise costs.
The voter-approved pension increase in Los Angeles was among the factors mentioned when the city council was told earlier this month that soaring pension and retiree health costs could eat up a third of the citys general fund by 2015.
An irony is that a leading advocate of the pension increase in 2001, then-Mayor Richard Riordan, warned in a Wall Street Journal article last May that Los Angeles is likely to declare bankruptcy by 2014, mainly because of out-of-control retiree costs."
As a private citizen he is preaching "small government". While in office he outbid the Democrats on building bigger government--the pensions are just one example. Confusing?
Here is a hint. Do not listen to his words, watch what he does--who does he endorse or donate to, who does he speak for and what policies he is promoting. His history is not a good one for those who support freedom.
More...