California Nightmarin': Unemployment Nearly Doubles

[marmar]

via WaPo:



California Nightmarin': Unemployment Nearly Doubles


California -- already in danger of running out of money -- reported that its December unemployment rate hit 9.3 percent, up from 8.4 percent in November and waaay up from 5.9 percent in December 2007.

The state shed 78,200 jobs in December, excluding farm workers as the economy is getting hammered by the recession. If California were an independent nation, its Gross Domestic Product would place it among the world's top 10 countries.

California has one of the nation's highest foreclosure rates. It is now tied with Louisiana for the nation's lowest credit-rating. Moody's has warned it may cut the state's debt rating, making much-needed loans harder to get and more expensive.

At the same time, Gov. Arnold Schwarzenegger (R) has been chiding his legislature to plug the state's massive budget shortfalls, projected to be $15 billion this year and $25 billion next year. ........(more)

The complete piece is at: http://voices.washingtonpost.com/economy-watch/2009/01/...

[HysteryDiagnosis]

1. Must be the terminator is working.... overtime. n/t

[Possumpoint]

2. What Recourse

does a governor have when he/she cannot get the legislators to come off their party lines and compromise for the good of the state? Can he declare bankruptcy and get a judge to dictate terms?

[riverdeep]

3. 'Kal-ee-four-nee-ya' may very experience the perfect storm soon.

A housing market that was one of the most inflated in the nation, combined with jobs that are leaving left and right, combined with a state that can't get it's fiscal house together to save it's life, combined with a large undocumented population, and combined with a growing and spreading horrific gang problem from Mexico. Unless you think you're secure in your situation, I would get the hell out of SoCal if I at all could, for the next few years anyway. On the other hand, if the 'green' economy really does take off, California could be ground zero, but even that's not going to happen anytime soon.

This stuff really started before Enron, but Enron really screwed the state over, and gave them the governator to boot.

[juno jones]

7. We left after Arnie was elected

My San Jose-born husband complained incessantly for three and a half years. Mostly about the rain, but other things too.

Now he's not only shut up, but says he's happy to be here in WA.

All of our friends down there are pissed and saying WTF?


Edit to add: The green economy might surprise you. There is a lot of will and the brainpower to do it. Many people are already walking the talk. There are also many scientists and entrepeneurs who are ready for a new polictical climate which might give them the chance to operate.

[fasttense]

4. Isn't his the exact same reason California had a recall election for Gov. Gray Davis?

Recall this one too.

[xchrom]

5. recommend -- the patient may soon be on life support. nt

[madrchsod]

6. 20 some republicans pledged their allegiance to grover norquist not to the citizens of california.

the super majority rule means there is no way to raise property taxes or any other tax in california with out 67% of the vote. there is nothing anyone can do unless some of those republicans change their minds and do what is best for their state.

[Skink]

8. For a second I thought it read Governor Norquist.

[natrat]

11. um...what do you want , 5% re tax like florida or wherever,fuck that, it hurts normal people

break the industrial prison complex and tax the ultra wealthy

[NikRik]

9. Iam living in the middle of it !

I know exaclty what this article is talking about ! As a California resident (N.Ca. San Francisco Bay area) I was unemployed for almost two full years B/4,thanks to my wife I was able to get a job at her place of employment ,at 51 years old I believe I had practicially zero chance of finding employment. My previous work consisited of being a sales manager in retail jewelry/pawn shop ! The owners to save their bis from closing up had to layoff all the employees and run the bisness them selves. I placed job applications every where from sales jobs to even working in a hospital housekeeeping job. I found out at 51 you are to old unless you have a degree or special traning in a feild that is not being effected by the current economic situation ,if any exsist.
My brother who is a painting contractor seem his bis going from having to much work to no work and is doing what little work he can find by himself ,he finally went bankrupt when his home went from being valued at $575,000 to $260,000,twenty thousand less then he purchased it for new several years ago. He got caught up in the refinace fiasco and owed to much more then his home was worth. Thankfully he was able to keep his house,cars (his and his wifes) so they could comute to work. The job I was able to get is at a large cardroom/casino for which bis is booming . When the economy hurts like this people try things like gambling hoping to win ! All I know is I hope our new President gives some kind of sitmulous package to each and every citizen of our country instead of only the large corperations ! I have faith in him that he wants to do the right thing ,hoping he will get the co-operation of the rest of our elected officials in Washington ?
Take Care NikRik

[Bluenorthwest]

10. As a California native

displaced by the pryamid scheme so many wanted to play with basic needs like housing, I both fear for California and take pride in getting out when I did.