Tue. Sep 21st, 2021

2 thoughts on “Letter to the Editor: Inglewood treasurer was RIGHT about financial condition of the city

  1. Thank you for including the graph!!!

    So often the things that are said by people who control the microphone are the only thing residents take away. But sometimes it is in our own best interest to take a look at the fine print.

    Sometimes the saying “a picture is worth a thousand words” is more important than others. Imagine the difference of hearing someone say “we recommend everyone stay inside because a few small cats have unexpectedly gotten away from their owner, not realizing that the small cats are a jaguar or leopard which got out of their crate on the way to a zoo instead your neighbor Susie’s Siamese kitten.

    The “refinanced pension debt” did not make the loan (bond repayment) go away – we will still owe much more to those nice people who buy stocks and bonds so that we can use the money now.

    That decision was like taking out a a very large cash advance on a credit card and having to pay the fees for making minimum payments…….

    On this general fund revenue chart it looks nice and green to have money from debt refinance in 2017-2018 added to what we can spend but the “what we owe chart” (liability chart) shows an ever increasing- till we pay it off -continuously getting larger debt.

    This is the city version of using rent money to make car lease payments on the new fancy car and being surprised when the landlord says “oh, you can’t pay rent, that’s okay your car is pretty so my bank has made arrangements in case I can’t pay the mortgage they are foreclosing on me and then the new developer who is going to bulldoze this apartment for condos might tell you he likes your car too ….as he wishes you well in your search for that new and improved and oh so much higher rent search dwelling unit. THAT IS HOW GENTRIFICATION works for the wealthy and doesn’t work for the not so wealthy.

    Treasurer Brown was telling us the truth.

    Consider how many lies the Mayor’s team has told on TV and put in print….get lots of paper you might start with: residents did not vote for the stadium, Butts did claim (and then claimed he didn’t) that a technology company wanted to move to the city owned land he sold for pennies to the Billionaire, Joseph Tixeira did not violate copyright law, other Cemetery owners do not routinely allow parking near grave sites for concerts on their property, ……

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