Whoa! Enough with the Tax Increases, Fees and Bonds – What are Our Politicos Smokin’?
By Tony Butka : citywatchla – excerpt
EASTSIDER-Looks like the LA City Council has started smokin’ some weed on the assumption that the Marijuana initiative will pass in November. Of course, math was never their forte even without mind altering substances. And as we know, the actual budget process is a closely held secret.
Here’s the Problem:
For context, we are living in the best of times if you’re an LA City politician. The developers are buying off elected officials at a record rate, housing and hi-rises are popping up all over like the giant popcorn bags at the movie theater (one refill for free), and as housing prices take off like the booster unit on a space shuttle, the city coffers haven’t seen life this good in years and years.
So what are these math majors going to do when the economy tanks again? We all know deep in our hearts that the frothy bubble of LA’s housing market is simply unsustainable. If history is a guide, the Council will stick their collective heads in the sand like ostriches, wringing their hands in helpless angst.
We’ve been here before in Los Angeles with the “great recession” of 2007-08 and it wasn’t pretty. The City Council was impotent and useless in their vain attempts to shift the blame and take fake actions. I see no reason it will be different this time.
Folks will lose jobs; they will discover what these taxes look like, not to mention property tax assessments on an $800,000 home in places like Echo Park, Silverlake, Glassell Park, Eagle Rock and the other chi chi areas. That 3% interest rate on a bank loan isn’t going to do much good to reduce their property tax bills.
And yet the Council can’t even balance this year’s budget! As Jack noted regarding the Mayor’s budget message, “on Wednesday, Mayor Eric Garcetti characterized his $5.6 billion budget for the upcoming fiscal year as a ‘strong spending plan that is balanced and responsible, with a record investment of $138 million to tackle the City’s homelessness crisis.’”…
What I find galling is that all of these increases will definitely not benefit us middle and lower income folks.
Balanced budget? I don’t think so.
Here’s a thought — hold on tight to your money, read the fine print, and don’t believe a word of the massively funded lobbyist campaigns that are going to be launched for the November ballot. AND VOTE! — preferably for Bernie!
Sound familiar? This is LA. A lot of SF. Only their budget is only 5.6 billion. Ours was a lot higher last time I looked. So, you see the problem really is in Sacramento. Even the most progressive, (or is it liberal, far left or reformists?) Democrats who support Bernie oppose the taxes in LA. They have it figured out. So should we. NO NEW TAXES!