Los Angeles and Bankruptcy

Most longer time readers of this blog know that we have been watching California very closely as we believe it may be a foreshadowing of what is coming for the rest of the country.

Today in the Wall Street Journal we have an article written by the former mayor of Los Angeles. In the article he states that Los Angeles now has no choice but to file for bankruptcy.

Los Angeles is facing a terminal fiscal crisis: Between now and 2014 the city will likely declare bankruptcy. Yet Mayor Antonio Villaraigosa and the City Council have been either unable or unwilling to face this fact.

According to the city's own forecasts, in the next four years annual pension and post-retirement health-care costs will increase by about $2.5 billion if no action is taken by the city government. Even if Mr. Villaraigosa were to enact drastic pension reform today—which he shows no signs of doing—the city would only save a few hundred million per year.

The mayor can't control the economy, but he could have chosen to control spending to keep the size of government proportional to the size of the local economy. Instead he's done the opposite: squeezing the city's productive workers to fund the salaries, pensions and other benefits of government workers.

See it here; http://online.wsj.com/article/SB10001424052748704608104575218392603082622.html?mod=WSJ_Opinion_LEFTTopOpinion

As we have asked before...what may happen if Los Angeles starts cutting pensions on all the police officers at the same time they start bouncing checks to the millions of people on welfare?

Can anyone spell the word C-H-A-O-S?

Currently we are seeing the Greeks REFUSE to face up to the facts that the past generation spent more money than they had and now their kids and grand kids are going to be the ones left to pay the piper. And rioting and chaos are currently happening there.

If Greece is 1/100 the size of the U.S. and their chaos is making the news....what may it look like when the U.S. is forced to make the same crippling cuts to avoid bankruptcy...and our chaos breaks out?

Remember the Good News. The Lord is going to allow all these restless events to happen, along with natural disasters and famines...so that people will wake up and realize they are in control of NOTHING...so that they will seek the Lord and turn to Him for salvation....before the door slams shut at the rapture of the church...which ends the Age of Grace.

He does this out of his infinite mercy and love for mankind....because blessings seem to put people to sleep, which results in apathy towards God and neglect of His Word. Obviously America is guilty of this neglect...and unless a serious revival of the Holy Spirit happens soon...we will all be going the way of Los Angeles.

This does explain why America is found NOWHERE in the prophecies regarding the VERY last days.