Understanding LA’s Billion Dollar Budget Gap

Los Angeles is facing a billion-dollar budget shortfall. But this isn’t a blip. It’s a structural crisis with lessons that apply to cities far beyond LA.

In this episode, I sit down with Rick Cole, one of the most respected voices in local government. Over nearly four decades, he’s served as a mayor, city manager, and now Chief Deputy Controller for the City of LA. Few people have seen more from the inside.

We talk about why LA’s budget crisis was both predictable and preventable, what most people get wrong about how city budgets actually work, and why short-term thinking is dragging our institutions toward decline. Rick explains how the city missed a once-in-a-generation opportunity around the 2028 Olympics, why infrastructure neglect is catching up to us, and what it would take to turn things around.

At its core, this is a conversation about leadership, civic responsibility, and whether we’re willing to invest in the future. Rick doesn’t sugarcoat the problems, but he also hasn’t given up on what’s possible.

Available, as always, on:

• Youtube 

• Spotify

• Apple Podcasts