The cost of retirement benefits for Los Angeles city employees will grow by $800 million over the next five years, dramatically eroding the amount of money available for public services to taxpayers, according to a report issued Tuesday.
In a bleak assessment delivered to members of the City Council, City Administrative Officer Miguel Santana said pensions and health benefits for current and future retirees would jump from $1.4 billion next year to at least $2.2 billion in 2015.
Those costs remain a fraction of the city's overall annual budget, which is currently $18.8 billion. But more troubling is the fact that retirement costs are consuming an increasingly large portion of the general fund, which pays for basic services such as parks and public safety.
Now ask yourself this question. What republicans and/or conservatives are responsible for this wanton budget abuse?
Please let me know.
Bankrupting your city by paying for workers no longer there?
Now that's "progressive"!
More.....
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