LA's becoming a two-tiered society of the rich and the poor without any middle class. So how come the economy's thriving? How long will it last? Also, two views on Proposition 1-D, which provides $10 billion in bonds for education.
FROM THIS EPISODE
Proposition 1D on next month's ballot would authorize $10.4 billion in bonds for public schools, community colleges, UC and Cal-State campuses. It was put on the ballot by Governor Schwarzenegger and the legislature to relieve overcrowding by building new schools and repairing older ones. It also provides for earthquake safety and facilities for vocational education and research into energy efficiency.
"Forget about LA's middle class. It's dead and buried... Los Angeles has boiled down to an economy of the well-off and the far-from-well-off... And here's the weird, almost perverse part: it seems to be working." That's from an article in this month's Los Angeles magazine. It's well known that LA is becoming a two-tiered society, composed of the pretty rich and the very poor, with fewer and fewer people in between. Yet, contrary to ominous predictions, the economy is thriving--despite a shrinking middle class. We get two views on how long that will last.
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