Los Angeles Health and Pension Costs

Former L.A. mayor Riordan writes in the Wall Street Journal that it is a virtual certainty that L.A. will declare bankruptcy between now and 2014 unless fairly drastic reforms take place.

The drivers of bankruptcy? Same things that are driving Greece, Portugal and Spain off a cliff--out of control government spending driven largely by exorbitant health and pension costs for a bloated public employee workforce.