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Sorry to note, but that the Wall Street Journal has missed the central point as to why California is in trouble.
"In April, the last month for which state data are available, California nonfarm employment fell 2.5% from a year earlier, compared with a 1.1% national drop, as the state lost a higher percentage of jobs in the recession and has added a smaller percentage this year. The state's 12.6% jobless rate far exceeded the 9.9% U.S. rate in April, as reported by the Labor Department."
No where does it mention AB 32 and its killing of revenues and job prospects. The Journal does not note the massive tax increases from February, 2009. Thanks to both, revenues for all government agencies are good by significant sums, including a $40 billion (the actual number--not the $19 billion the Journal claims) deficit.
California is in a Great Depression, and may stay here for a full generation--unless the Arnold types are thrown out of Sacramento.
The good news--seven months and counting--plus we have a chance to change the legislature.
More...
"In April, the last month for which state data are available, California nonfarm employment fell 2.5% from a year earlier, compared with a 1.1% national drop, as the state lost a higher percentage of jobs in the recession and has added a smaller percentage this year. The state's 12.6% jobless rate far exceeded the 9.9% U.S. rate in April, as reported by the Labor Department."
No where does it mention AB 32 and its killing of revenues and job prospects. The Journal does not note the massive tax increases from February, 2009. Thanks to both, revenues for all government agencies are good by significant sums, including a $40 billion (the actual number--not the $19 billion the Journal claims) deficit.
California is in a Great Depression, and may stay here for a full generation--unless the Arnold types are thrown out of Sacramento.
The good news--seven months and counting--plus we have a chance to change the legislature.
More...