Looks like LA may soon be following Detroit’s lead when it comes to Chapter Nine Bankruptcy protection.

Credit: News Genius

You can read about it here but the refrain is a familiar one, municipalities spend too much on generous pensions and get caught in a bind when the economy slows down.  Couple that with high taxation, rising crime, crushing regulatory burdens, lousy schools, along with a poisonous political climate and you get…Los Angeles.  Well, at least the weather is better in the City of Angels than in Detroit.  As California Pension Reform President Dan Pellissier said last week:

I think your city of Los Angeles is probably two to three years away from being in the same position that Detroit is where there is not enough money to pay the bills…[L.A.] can’t project, going forward, a stable budget because they face the same pension problems that everyone else in the country does.

Given the current financial situation many cities find themselves in, individuals need to prepare to take care of themselves.  The government won’t always be there to protect you or help you during your time of need.  Independence and preparation are a better course of action than dependency on increasing stressed municipal departments.  What are you going to do today in your life to become more independent?