[quote=Allan from Fallbrook]Anyone gonna bring up the $9.4 billion in unfunded pension liability?[/quote]
No fan of Villaraigosa but the city was on its way to big trouble long before he got in office, he just got there in time to put some blame on.
$9.4 Billion for a city with a total revenue of about 3 billion is daunting enough but that is assuming 7.5% or so return, if you do the numbers with a more realistic long term return of a little less than 4-5% Then you are looking at about $26 billion short fall.
Trying to pay that down with a $3 billion revenue (when times are good!!!) is just not really feasible,
They better hope there is no recession or housing bust (that would impact revenue) in the next 20 years or so !!!
More businesses leave L.A. every day, I have not heard of any returning.
