The debt of 30 California cities, including Oakland, Fresno and Sacramento, has been placed under review for downgrades because of economic pressures in the state, Moody’s Investors Service said.
“California cities operate under more rigid revenue- raising constraints than cities in many other parts of the country,” Eric Hoffmann, who heads Moody’s California local government ratings team, said in a statement. “Combined with steeply rising costs, these constraints mean that these cities will likely recover more slowly than their peers nationally, even if the state’s economic recovery tracks the nation’s.”
The cities where some debt has been put under review are:
Azusa, Berkeley, Colma, Danville,Downey, Fresno, Glendale, Huntington Beach, Inglewood, Long Beach, Los Angeles, Los Gatos, Martinez, Monterey, Oakland, Ocaeanside, Palmdale, Rancho Mirage, Redondo Beach, Sacramento, San Francsisco, San Leandro, Santa Ana, Santa Barbara, Santa Clara, Santa Maria, Santa Monica, Santa Rosa, Sunnyvale, Woodland.
The evil capitalists run amok have plundered the public coffers until the government can no longer provide for the citizens as it should. Obviously more regulations are needed.
ReplyDeleteWhere in the Constitution does it say the government is to "provide for the citizens?" Obviously you are either joking or just a socialist!
DeleteBerkeley. Ooooh, there's a shock.
ReplyDeleteHey genius Jay Broni,where does the government get it's money? Oh yeah,those evil rich people and corporations that actually pay taxes in this country. Grow a brain cell please!
ReplyDeleteI think he was being facetious. God, let's hope so.
Delete"I think he was being facetious...."
DeleteDamn, I was aiming for sarcastic. Don't you hate when that happens?
Public Employee Unions and regulations have destroyed the California economy which was robust before the Liberals took over.
DeleteThis will continue until some brave souls break the stranglehold of the public employees unions. Over half the municipal budgets go to union employees' payroll, medical, dental, retirement plans, overtime. In bankrupt Vallejo it was over 90%.
ReplyDeleteNo. The Unions are necessary until you can guarantee a fair, and equitable management (government) that won't take advantage of employees. The true culprit is government officials who suffer no consequences for incompetent, self-serving behavior in their jobs... I vote for requiring every gov't official who's found guilty of mismanagement of funds be required to submit to mandatory organ donation... that way there'd be less recidivism..
DeleteNo. The Unions are necessary until you can guarantee a fair, and equitable management (government) that won't take advantage of employees. The true culprit is government officials who suffer no consequences for incompetent, self-serving behavior in their jobs... I vote for requiring every gov't official who's found guilty of mismanagement of funds be required to submit to mandatory organ donation... that way there'd be less recidivism..
DeleteFUNNY I LIVE IN LONG BEACH. NOTHING HERE WOULD INDICATE THERE IS TROUBLE IN RIVER CITY
ReplyDeleteYou don't seriously expect them to tell you they have mismanaged the city funds to the point they have reduced the city to the verge of bankruptcy, do you?
DeleteHow would they get re-elected?