Employees Face Layoffs Within the City of Los Angeles After Billion Dollar Deficit and Budget Crisis

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Summary

➡ Los Angeles is facing a financial crisis, with a $1 billion shortfall in its $14 billion budget. This has led to the city council declaring a fiscal emergency and the potential layoff of 614 employees. The situation is compared to corporate America, where companies make financial projections that can change over time. The text criticizes the democratic process, suggesting that voters often elect officials who lack the necessary skills to manage large budgets effectively.

Transcript

On widespread financial pain here in Los Angeles, we’re not just talking the city of Los Angeles, but also the county and the school district as well. The LA City Council today declared a fiscal emergency for the budget year that begins next Tuesday, July 1st. Revenues are lower than expected, and the city has legal settlements to pay. A nearly $14 billion budget has been approved, but the city is short $1 billion. About 614 employees are expected to be laid off, but elected officials have discussed reducing those layoffs by transferring employees to the LADWP airports and the Port of Los Angeles.

Imagine having a $14 billion budget and an inability to be able to manage it effectively. Imagine having a $14 billion budget and they saying that you have a crisis, a crisis in Los Angeles. This is the way that’s, listen, listen, I’ve been saying it, I’m gonna keep throwing it in your face, I’m gonna say it again, this is the way that most liberal cities are going to go. I’m telling you. Los Angeles is declaring a fiscal emergency. County schools face financial difficulties. $14 billion budget, $1 billion shortfall. And remember, that is projected.

That is possibly wrong and it could be more because they are projecting it based off of what they think they’re going to take in. It’s projected based off of what they think that they are going to take in. So the way that it works is very similar to how it works in corporate America. How does it work in corporate America? The same way that, well, I’m not gonna say that part because I don’t want to give away no Patreon game, but the way that it works in corporate America is this. Companies have a projection of what they say or what they tell shareholders and analysts what they are going to generate or what they are expecting the company to do for that particular fiscal year, which also includes every single quarter.

When they come back during the quarter, that can change. It can revise upward or it can revise downward, meaning that as business continues throughout that fiscal year, that reporting period, each quarter they come back and they say, well, we got to revise the budget and we’re not going to be as profitable. We need to take one time hits. And Elon Musk case, he was saying, yo, it’s a lot of protests, whatever. So on and so forth. So the way that it basically works is the CEOs come in and they say, you know what? We don’t know if things are going to go the way that we thought it was going to go.

And we’re having a fiscal emergency in a crisis. And when you see somebody like a Karen Bass, all right, when you see somebody like a Karen Bass, when you see this upcoming primary or this primary that just passed and now over in New York, you got the super liberal socialist potential mayor that is promising everybody free everything and rent freeze and all of this stuff. And we’re going to raise taxes. Well, what you essentially do is you kill your budget. And so when you think about an executive recruitment, all right, what happens for these CEOs is that those are not jobs that are posted that people vote on.

Those are jobs that are recruited for. And they put together a recruitment budget, and then they get executive recruiters to go and find the best person for the job or the CEO themselves groom a successor that has largely came up within the ranks of the company that is then approved by the board. That doesn’t happen when it comes to democracy and republics that we’re living through in the United States of America. What happens is you have a bunch of imbeciles that are voting people in office that can’t manage their way out of a brown paper bag.

So you got people that are educated, that understand engineering, that understand security that comes up through the ranks. You look at the CEO of Amazon today. He was the former CEO of Amazon Web Services. He was successful in managing the division that was the most profitable for the company. And that’s who Jeff Bezos chose as a successor to continue to move the company forward because he’s seen his track record. He’s seen his success over in New York City. You have a person that is proposing himself to be mayor of a much larger budget, much bigger budget over in New York City, right? 33 years old, never really got anything passed.

Socialist Muslim advocates for some of the worst things that we’ve ever seen in our entire life. And he’s being voted on. He’s being selected by the people that don’t know shit. He’s being selected by 18, 19, 21, 22, 23-year-olds that half of them are sassy. The other half of them just want free things. And then the other rest of them is battling because they’re liberal white women that believe that everybody deserves rights and they’re going to put diversity, equity and inclusion over everybody. So when you then see some of these mayors that are managing budgets that are much larger than some of these companies that CEOs who get paid millions of dollars and whose compensation is tied directly to the performance of the company, when you see these mayors having the ability to be able to manage $14 billion budgets and they are running the city into the ground, what did you think that you were going to get? What did you think that you were going to get? I’ll tell you what you’re going to get.

Let me bring y’all up to speed. And I told y’all, and I’m going to continue to tell you, you are going to get cities like Chicago, who was ran by Brandon Johnson, a fucking school teacher that can’t manage his way out of a brown bag. You’re going to get places like Denver, who is facing hundreds of millions of dollars in a budget shortfall in his land off employees. You can’t cut your way to success. You’re going to get Los Angeles that is facing a budget shortfall in deficit that is absolutely crushing the city.

And they’re so liberal and they’re so against Trump that they are torpedoing themselves and possibly even risking federal dollars being reserved. And they are blaming everybody except themselves for being able to manage the budget effectively. And now guess what? It then falls on the people. It falls on the people because guess what? Your schools are now going to be underfunded, which by the way, largely have celebrated having over like way, way more people inside of a classroom nation, partially because they have illegal migrants and their children going to school inside of Los Angeles and all of the other counties that are surrounding it.

I’ve seen it before. I’ve lived through it. The way that we fixed Detroit, the first thing that we did is that we went and we got somebody that actually had a business background. We went and got Mayor Mike Duggan, who was the former CEO of DMC Hospitals, that understood fiscal responsibility, how to manage the city’s finances, how to recruit more effectively, how to get people to buy in, how to balance the budget, how to increase revenue by partnering with other business leaders such as Dan Gilbert, the Illigis, and Roger Penske, and making sure that he generated more revenue.

And that’s why he’s an independent and he’s running as an independent for Governor of Michigan, in which I largely think that he’d be a phenomenal job. But the first thing that we had to do is we had to go and get somebody that actually understood business. Y’all are voting these people based off of a horrible, I’ve seen it. We lived through it. We lived through it right here inside of the city. And so I already see the fiscal cliff coming. Los Angeles, y’all are going to suffer a horrible, horrible fiscal cliff.

Chicago is coming. New York got a lot more cushion because they got a lot more business leaders. But if y’all vote in this new guy, as mayor, you guys are going to find yourself being a torpedo. And middle America is going to be the place that everybody is going to thrive in because they have more policies that are more aligned with what’s best for the city and ultimately what’s going to be best for the people that’s in the city. It’s so dumb. Y’all have hired Lori Lightfoot in Chicago. You know how dumb that is? Those agencies operate on revenue from their services.

LA County’s new union deal could cost more than $2 billion. The deal with service employees includes bonuses and pay raises for 55,000 workers. Officials expect similar deals with smaller unions to cover the cost. County leaders approved a $49 billion budget with major cuts. The budget reduces services at parks, swimming pools, and probation offices. Every county department will lose 5.5% of its funding. County leaders say the cuts are necessary to avoid a financial collapse. Pay raises. Pay raises. The 55,000 employees slash 50 billion cuts to clinics and parks. Oh, wait a minute.

Y’all don’t want to be social. I don’t want to be socialists. County leaders say the cuts are necessary to avoid a financial collapse. County and the city is collapsing. LA Unified voted today to approve a nearly $19 billion budget. It keeps campuses open and staff employed for now but drains nearly $3 billion from reserves. The district lost 40% of its students in 20 years but hasn’t cut staff or closed schools. The plan includes $175 million for black student programs. It also includes smaller amounts for immigrant and LGBTQ plus support. Leaders warn future cuts may be needed including layoffs and campus closures if costs keep rising and revenue falls.

This is the dumbest group of people that I’ve ever seen in my entire life. [tr:trw].

See more of The Millionaire Morning Show w/ Anton Daniels on their Public Channel and the MPN The Millionaire Morning Show w/ Anton Daniels channel.

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