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How big is the California Great Depression?
"Every business day of every week last year, the state of California paid out $90 million to those who were jobless, the Employment Development Department says.
It added up to a record-breaking $22.9 billion in unemployment benefits to an unprecedented 1.7 million jobless Californians.
With a current statewide unemployment rate of 12.5 percent – a rate that has lingered at levels not experienced since the early 1940s – jobless Californians are turning to EDD in record numbers."
Because of this, our unemployment reserves are totally drained and we have "borrowed" over $10 billion from the Feds. Shortly, though it is NOT in the Brown budget, we must pay the Feds hundreds of millions in interest on the money. Worse, we are about to borrow more money.
At some point we need to stop borrowing and start cutting programs, departments and government employees. We need tax cuts, not Jerry/Arnold tax increases. Then maybe we will be able to get people back to work, earning an honest living.
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"Every business day of every week last year, the state of California paid out $90 million to those who were jobless, the Employment Development Department says.
It added up to a record-breaking $22.9 billion in unemployment benefits to an unprecedented 1.7 million jobless Californians.
With a current statewide unemployment rate of 12.5 percent – a rate that has lingered at levels not experienced since the early 1940s – jobless Californians are turning to EDD in record numbers."
Because of this, our unemployment reserves are totally drained and we have "borrowed" over $10 billion from the Feds. Shortly, though it is NOT in the Brown budget, we must pay the Feds hundreds of millions in interest on the money. Worse, we are about to borrow more money.
At some point we need to stop borrowing and start cutting programs, departments and government employees. We need tax cuts, not Jerry/Arnold tax increases. Then maybe we will be able to get people back to work, earning an honest living.
More...