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Thursday, September 29, 2016

How selling a ’67 Chevy could solve the city’s budget crises *

How would Councilman José Huizar solve the city’s budget crises? He offered this possible solution and analogy, as reported in the Los Angeles Times, during Monday’s marathon meeting of the City Council’s Budget and Finance Committee:

“If I’m facing hard times . . . I’m going to go to my uncles.
I’m going to go to my aunt. I’m going to ask them to borrow money,” Huizar said. “But I’m going to tell them: ‘You know, I’ve got this ’67 Chevy. I could sell it a year from now and maybe I’ll pay you back with that.’ “

That strategy may win over Huizar’s aunts and uncles but it probably wouldn’t work with Wall Street bankers and credit agencies, explained city analyst Natalie Brill:

“What you’re basically telling everyone is that you don’t
have enough money to cover your expenditures.”

* Update: City Council postpones vote on cutting 1,000 jobs. KNX

Photo by Mobilene/Flickr


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