L.A. budget gap could hit $1 billion

The L.A. Times reports:

Los Angeles could face nearly a $1-billion shortfall by 2010 because of a mammoth bailout needed for the city's employee pension funds, which have seen investments tank in the spiraling national recession, according to a city budget report released Friday.

As you can see,the mission statement of L.A. city government is generous pensions for the "special class".