Economically Illiterate Quote of the Day 2010-02-03: This Quote Concerns The LA Budget

I am considering a new feature: The Economically Illiterate Quote of the Day.

Perhaps it is impossible to keep up with the number of candidates, and perhaps some days do not have an award. However, today's quote is quite a masterpiece.

Here is the background: LA Councilman Jose Huizar wants to balance the books by borrowing more money. Meanwhile, other councilmen are wavering under threats from unions.

The LA Times picks up the story in Some L.A. Council members resist spending cuts, layoffs. That article contains our Economically Illiterate Quote of the Day.Let's take a look.

The drive to slash spending at Los Angeles City Hall is starting to crumble, as a growing number of City Council members waver in the face of angry constituents, disgruntled community groups and powerful union leaders.

With a vote scheduled Wednesday on whether to eliminate 1,000 jobs to help counter the city's $208-million budget shortfall, some members have begun speaking out against the various plans to scale back services and shut the city's smallest departments.

A majority of the council's Budget and Finance Committee has refused to sign off on the job-cutting plan.

Councilman Jose Huizar suggested that the city balance its books by borrowing more money.

My comment: Councilman Jose Huizar represents economic madness at its finest.

Councilman Bill Rosendahl vowed to protect the city's calligraphers, the handful of artists who design ornate proclamations that elected officials hand out to constituents. "Whatever we need to do to preserve it, I want to do," he said.

My Comment: Oh my God, Councilman Bill Rosendahl is correct. It is impossible to do without calligraphers. I am starting a "save our calligraphers" campaign tomorrow. There is no more urgent need anywhere.

If council members try to shield each department that comes out to protest, Councilman Greig Smith said, "then we're going to come out of this right where we were expecting to be on July 1st: We're going to be out of money, out of cash and bankrupt."

My Comment: Greig Smith for mayor.

Labor leaders said they are open to shrinking the workforce as long as each targeted employee is moved safely into another vacant position.

My Comment: In effect, labor unions are saying they are open to a shrinking workforce as long as the labor workforce does not shrink. That makes perfect sense to no one but unions. However, that sentence was implied, not actually stated. The quote of the day award must be for an actual quote. We have standards to maintain.

The quote of the day goes to LA Councilman Jose Huizar, from the above article (but not highlighted above):

"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. 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.'"

"Can we do anything like that?" he asked the city's budget advisors.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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