From the LA Times. There was been concern with the debt burden of federal, state, local, and the of course the 28% of homes currently with mortgages are the either upside down or almost or right on that line. This is another local agency that is in trouble.
The corridor was intended to pay for itself through user fees on each shipping container, and for many years the setup worked, even generating a financial surplus. But port cargo is down sharply from its 2006 peak because of the worldwide recession, and the payments on debt that was taken on to build the route will rise — sometimes steeply — through 2033.
"We were going to triple the amount of cargo we received. We weren't going to be able to handle the growth. My, how a few years have changed that outlook."
"If you're lucky, recession recoveries look like a 'V' on a chart, quickly down and quickly back up. This one is starting to look like an 'L,'" staying down a long time.
Read it all
No comments:
Post a Comment