“New accounting standards are being applied by Moody’s to cities. It turns out that the two biggest cities in California — Los Angeles and San Francisco — are way deeper in the hole than previously admitted. But wait! There’s more! San Jose will be downgraded. So will Inglewood (‘The Hood’). So will Azusa. The total unfunded liabilities for the state are now over $320 billion. That’s up from $128 billion. In one shot.  California is not alone.”

http://teapartyeconomist.com/2013/06/14/busted-california-cities-pension-liabilities/

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