Los Angeles County Supervisor Mike Antonovich, in an exclusive interview with Breitbart News, says that he has directed the Chief Executive Officer to report back to the Board of Supervisors on how LA County’s fiscal health compares to that of Stockton and San Bernardino.
“These latest bankruptcies provide an ominous warning for other municipalities that fiscally responsible policies must be the top priority in budgetary planning,” says Antonovich. “A full assessment of the County’s handing of its fiscal responsibilities and its ability to meet its own meet its obligations in comparison to these other public entities will serve as a benchmark for the county.”
In other words, Stockton and San Bernardino may be only the first dominoes to fall in California. In Stockton, avers Antonovich, “Rather than matching spending to revenue, they float bonds in order to cover escalating costs for retiree health care, pensions and public facilities and capital improvements. This is a recipe for fiscal collapse.”
Unfortunately, it’s the same recipe that the entire State of California seems to be using. If Supervisor Antonovich’s suspicions are correct, California may be headed for the fiscal cliff.