L.A. Headed Toward Third World?

A new study by the Weingart Center shows that the city's economy has collapsed over the past 30 years.
November 17, 2003, 10am PST | David Gest
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"Paul Tepper, [the director] of the Weingart Center in downtown Los Angeles just finished a study comparing today's L.A. County economy to the one 30 years ago, and the news ain't good. 'We may be headed toward a Third World economic model,' said Tepper...Between 1969 and 1999, the poverty rate in L.A. County went from 10.7% of the population to 17.9%. Between 1975 and 1988, income jumped 66% for the wealthiest fifth of Californians and fell 25% for the poorest fifth, with L.A. County driving the widening gap...the L.A. County homeownership rate was 73rd-lowest among the largest 75 metropolitan areas in the country...L.A. County has pronounced manufacturing dead, even though the patient could be brought back to life with some creativity and better coordination among the county's 80-plus towns and cities." How come things used to be so much better?

Thanks to Paul Tepper

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Published on Friday, November 14, 2003 in The Los Angeles Times
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