|Christopher Beam -- Slate -- March 9, 2010
Can California declare bankruptcy?
California passed a gas tax last week to help make up for its nearly $20 billion budget gap, the latest in a series of measures to right the state's teetering economy. The country of Greece is in even worse shape, with accumulated debt higher than 110 percent of GDP, set to reach 125 percent this year... [See Obama Watch]
|Associated Press -- March 9, 2010
Here's Your "Change": Cash-strapped LA County courts to begin layoffs
The Los Angeles County Superior Court is laying off 329 staff members next month and officials say more than 1,000 others may go in the next two years because of budget cuts. -- A memo from Court Executive Officer John Clarke to employees says the first layoffs will begin on April 1... [See Obama Watch]
|San Jose Mercury News -- March 7, 2010
It's not just the Capitol: Billions in red ink drowning California's cities, schools and counties, too
With even well-managed counties, cities and schools finding themselves in the same budget hole that has swallowed state government, California now confronts a financial crisis that may be unrivaled though it is also maddeningly difficult to quantify...
|San Francisco Examiner -- March 5, 2010
Here's Your "Change": Newsom asks dept. heads to take 10% pay cut
The City is sending out 15,000 layoff notices Friday under Mayor Gavin Newsom's plan to rehire workers as part-timers for a savings of $50 million. He is also asking department heads to give up 10 percent of their pay and is in talks with Police and Fire employees to give up pay raises...
||Contra Costa Times -- Walnut Creek, Calif. -- March 4, 2010
California job losses grow
California lost far more jobs last year than the state initially reported, according to a new report that provides an early glimpse into statewide employment trends. -- "The economy was a lot worse than everybody thought," said Howard Roth, chief economist with the state's Department of Finance...
|KTLA-TV -- Los Angeles -- March 4, 2010
L.A.'s Newest Tourist Attraction: Watching area turn into a third world cesspool
Tourists are lining up for L.A.'s newest attraction; an up close and personal look at the Southland's famous gang neighborhoods. -- "L.A. Gang Tours," which began operations in January, takes tourists to the streets that gave rise to the Crips, Bloods and other notorious gangs...
|KABC-TV -- Los Angeles -- March 2, 2010
Illegal alien-packed L.A.U.S.D. to lay of about 4,700 employees
L.A. Unified School District board members Tuesday approved mailing thousands of layoff notices. -- Tuesday afternoon just before 3 p.m., the Los Angeles Unified School District voted to approve sending layoff notices to nearly 4,700 employees, including teachers and administrators as well as counselors and nurses...
|London Telegraph -- February 28, 2010
California is a greater risk than Greece, warns JP Morgan chief
Mr. Dimon told investors at the Wall Street bank's annual meeting that "there could be contagion" if a state the size of California, the biggest of the United States, had problems making debt repayments. "Greece itself would not be an issue for this company, nor would any other country," said Mr Dimon... [See Arnold Watch]
|Full Disclosure -- Marina del Rey, Calif. -- February 28, 2010
Massive prisoner release threatens public safety
Full Disclosure Network® presents a 7 min video news blog describing the dangerous threat to public safety posed by the release of 40,000 prisoners from in California. -- Prompted by the current fiscal crisis and Federal Court mandates some counties have started releasing prisoners early resulting in new crimes... [See Arnold Watch]
|Sasha Abramsky -- London Guardian -- February 26, 2010
Illegal alien-bloated Los Angeles on brink of abyss
Two and a half years after the official start of the worst economic downturn and fiscal crisis in nearly 80 years, America's economy is supposedly growing again, the stock market is halfway recovered from the lows of 2008 and early 2009, and the unemployment plunge seems to have been halted... [See MEChA-Boy Mayor Watch]
|Associated Press -- February 24, 2010
Cash-strapped, illegal alien-bloated LA going after unlicensed dogs
Cash-strapped Los Angeles is going to the dogs -- literally. -- The City Council voted Tuesday to have two departments share information in order to track down people who haven't licensed their pets. -- Council President Eric Garcetti estimates two-thirds of the city's dogs are unlicensed... [See Eye on the MEChA-Boy Mayor]
|Sacramento Bee-- February 24, 2010
Schwarzenegger to commute sentences for fewer illegals inmates, aides say
Gov. Arnold Schwarzenegger's administration said Tuesday that the governor will not commute the sentences of thousands of illegal immigrant inmates even though majority Democrats sent him a budget bill this week that assumes he will do so. As part of a special session on the state budget...
|Business Relocation Coach -- February 24, 2010
California's Hostile Business Climate: 100 companies 'Moving-Out-of-State' Events
It's no mystery what causes companies to leave California -- high taxes, undue regulation, workers' comp costs, a legal environment stacked against businesses, and lengthy and costly construction permitting requirements...
|Associated Press -- February 23, 2010
Moody's issues negative outlook for finances of invader-overrun Los Angeles
A major credit-rating agency has issued a gloomy outlook for the financial situation in Los Angeles. -- Moody's Investors Service on Wednesday reduced its opinion of the city's finances from "stable" to "negative" because the city has delayed addressing its $212 million budget deficit... [See 'MEChA-Boy' Watch]
|San Diego Union-Tribune Editorial -- February 23, 2010
Worst may be yet to come
An economist using technical data to evaluate California's battered economy might agree with Gov. Arnold Schwarzenegger's nationally televised declaration Sunday that "the worst is over" for the Golden State. But we doubt this assertion will sit well with most Californians and it shouldn't...
|Sacramento Bee -- February 21, 2010
California lawmakers consider $5 billion in budget cuts
In the midst of an economic free fall one year ago, state lawmakers scrambled to pass a $40 billion deficit solution in an emergency session. Democratic leaders locked down the Capitol for days at a time. A handful of Republicans believed the situation was so desperate that they voted for tax hikes...
|Los Angeles Daily News -- February 20, 2010
"MEChA-Boy" Villaraigosa eliminates two city divisions in invader-packed L.A.
Exercising his executive authority, Mayor Antonio Villaraigosa on Friday ordered the elimination of two city departments - a move designed to cut 56 jobs and shave $3.2 million from the ballooning budget deficit. The Human Services and Environmental Affairs departments will be dissolved...
|Forbes Magazine -- February 17, 2010
Here's Your "Change": Silicon Valley say so long to good times
Joint Venture Silicon Valley, a business and policy group, has been tracking the ups and downs of the tech mecca for 15 years. This year's report on Silicon Valley is gloomy. The group's chief executive, Russell Hancock, believes the reasons go beyond the recession. California is in trouble, he says...
|Los Angeles Times -- February 11, 2010
Pro-invasion 'MEChA-Boy' mayor plans more job cuts, says services will be fewer
Los Angeles Mayor Antonio Villaraigosa said Thursday he is planning a second major wave of City Hall job cuts, moving to eliminate between 1,200 and 2,000 positions to get the struggling city through the remainder of the calendar year... [See 'Change' Watch]
|Los Angeles Times -- February 11, 2010
L.A. County to pursue more federal aid for poorest residents
With Los Angeles County facing record levels of unemployment, and with more state welfare cuts looming, the Board of Supervisors approved a plan Tuesday to begin shifting responsibility for helping some of the most destitute to the federal government...
|Bloomberg -- February 10, 2010
Bankruptcy bloodbath may hit muni owners
...The biggest financial crisis since the Great Depression is squeezing municipalities across the country. Since Vallejo, California, successfully petitioned for bankruptcy protection in May 2008, California's towns, Detroit's schools and Pennsylvania's capital city of Harrisburg have all talked about Chapter 9...
|Los Angeles Daily News -- February 10, 2010
After a week of fruitless debate, the Los Angeles City Council takes up the budget debate again today. And if past discussions are any indication, very little will be decided by a council too afraid to make the hard - and politically unpopular - decisions...
|Los Angeles Times -- February 9, 2010
L.A. County facing growing poverty, erosion of middle class, report says
Los Angeles County faces a poverty crisis and an erosion of the middle class that could worsen under the current economic downturn, according to a report by the United Way. -- The county's poverty rate is now higher than the rest of the nation's, according to the report, which surveyed the county's economic situation in 2009... [See "Change" Watch]
|KTTV -- Los Angeles -- February 4, 2010
"MECha-Boy" Villaraigosa orders 1,000 L.A. employees laid off
Los Angeles -- Mayor Antonio Villaraigosa on Thursday ordered the layoffs of 1,000 city employees to help balance the city's budget, although about 360 of the targeted employees may be able to transfer to other positions to avoid losing their jobs...
|Ventura County (Calif.) Star -- February 4, 2010
Here's Your "Change": Ventura County bankruptcies soar during downturn
Ventura County bankruptcy filings jumped 59 percent in 2009 from the previous year, according to the U.S. Bankruptcy Court in Los Angeles. -- It is a sign of the recession's toll, and even more drastic when compared to the peak of the housing boom in 2006 to 2009 a 606 percent increase in filings, from 583 to 4,117...
|L.A. Weekly -- February 4, 2010
Facing catastrophic deficit, L.A. Council actually adds to red ink
After seeing the Los Angeles City Council drag its feet for years over regulating medical marijuana dispensaries it should be no surprise that, when faced with the worse budget crisis any of the council members have ever seen, the body actually added to City Hall's red ink and put off any hard decisions for 30 days...
|San Bernardino County (Calif.) Sun -- January 30, 2010
Cost of teaching English learning students in SB County $34M
San Bernardino County public schools are spending more than $34 million in state and federal money this school year to educate English learners, a group whose population has doubled since 1995. -- That amount doesn't include additional funding for services and programs available to English learners as well as other students...
|Oakland Tribune -- January 30, 2010
California controller: State will run out of cash before April
State Controller John Chiang issued a stern warning Friday about California's cash reserves, telling legislative leaders and Gov. Arnold Schwarzenegger they must act on nearly $9 billion in budget cuts the governor is seeking by March or the state will run out of cash to pay its bills...
|Los Angeles Times -- January 30, 2010
Los Angeles bankruptcy?
Faced with a shortfall now reaching $208 million, the top budget official at Los Angeles City Hall said Friday that he is preparing a list of 500 jobs to be cut from the payroll -- on top of the 1,000 already threatened with elimination. -- Those reductions, if approved by the City Council over the next several weeks, would bring city government personnel cuts to 3,900 this year...
|Los Angeles Daily News -- January 30, 2010
Grim choices for cash-strapped L.A.
os Angeles will need to lay off at least 1,000 employees, shut down three departments and make other changes if it is going to survive this year, the city's top analyst said Friday. -- In a grim assessment to Mayor Antonio Villaraigosa and City Council members, City Administrative Officer Miguel Santana warned that the city is facing a budget crisis unlike any it has ever experienced....
|Dan Walters -- Sacramento Bee -- January 26, 2010
Schwarzenegger's legacy is written in red ink
Arnold Schwarzenegger, with 11 months remaining in his star-crossed governorship, says it's "a little bit too early to reflect" on his legacy but California voters appear to be rendering their verdict already, and it's not a positive one. -- Schwarzenegger once enjoyed some of the highest approval ratings ever recorded for a California governor...
|San Diego Union-Tribune -- January 23, 2010
State's jobless rate stuck near record
California's unemployment rate remained at a near-record 12.4 percent in December as tens of thousands of workers dropped out of the labor force, unable to find full-time jobs. -- The jobless rate was unchanged between November and December even as employers shed 38,800 workers from their payrolls... [See "Change" Watch]
|Sacramento Bee -- January 23, 2010
Here's Your "Change": 38,800 California jobs erased
Layoffs returned in earnest to California last month, and a depressingly lonely holiday season for retailers and restaurants was a key reason why. California lost 38,800 jobs in December, a month that saw precious little hiring by shopkeepers and layoffs by restaurants... [See Obama Watch]
|Salinas Californian -- January 17, 2010
$40 million tab for illegal alien prisoners in Monterey County
It costs California taxpayers $40 million annually to house inmates in Monterey County prisons who are in the country illegally or whose immigration status is in question. -- Getting more federal money to pay the cost of incarcerating such prisoners has been on Gov. Arnold Schwarzenegger's agenda since he raised the issue with the Bush administration several years ago... [See Crime Watch]
|Economic Policy Journal -- January 13, 2010
S & P downgrades California
S&P has downgraded State of California debt to A- from A. -- This will make raising money for the state significantly more expensive, and is likely to force some funds that can only hold A paper or better to sell California debt. [This has been brewing for years]
|Los Angeles Times -- January 12, 2010
Washington fires back at Schwarzenegger
For Gov. Arnold Schwarzenegger, blasting the federal government for California's problems has become an oft-used routine since his first days in office. But in a new twist, federal officials are firing back. The bicoastal fusillade, which continued Monday, began last week...
|Reuters -- January 11, 2010
Schwarzenegger budget ax would fall heavily on poor
The latest budget plan from California Governor Arnold Schwarzenegger would force 200,000 children off low-cost medical insurance, end in-home care for 350,000 infirm and elderly citizens and slash income assistance to hundreds of thousands more... [This disaster has been a long time in the making]
|Associated Press -- January 11, 2010
Stockton, California Is Foreclosureville, USA
Stockton hardly looks like the most miserable city in the country. -- But the statistics and stories over the last two years make a case that it is: Since the housing crisis began, this inland port city 80 miles east of San Francisco has had one of the worst foreclosure rates in the country for most of the time, the worst...
|Los Angeles Daily News -- January 10, 2010
L.A. County faces big budget shortfall
Reeling from state budget cuts and plummeting tax revenues, Los Angeles County officials are expecting a "serious" budget shortfall in the fiscal year that begins July 1 and have ordered departments to plan for cuts of up to 9 percent. -- County Chief Executive Bill Fujioka, who made the announcement shortly after Gov. Arnold Schwarzenegger released his proposed budget...
|Steven Greenhut -- Orange County Register -- Santa Ana, Calif. -- January 10, 2010
Gov. Arnold Schwarzenegger's final State of the State Address, delivered Wednesday in the Capitol, was a microcosm of his entire failed administration. It was a reminder that those who govern the nation's most populous state have no clue how to solve the fiscal mess they have created, are drunk on self-congratulation...
|Dan Walters -- Sacramento Bee -- January 10, 2010
Schwarzenegger reverts to fantasy with budget proposal
Arnold Schwarzenegger achieved fame and fortune by starring in celluloid fantasies, so it may be fitting that his final state budget proposal would be so disconnected from economic and political reality. -- With the state still facing huge deficits, the governor bases his 2010-11 budget on such fanciful elements...
|Orange County Register -- January 9, 2010
Governor demands help from U.S. government
Faced with a projected state deficit of $20 billion, Gov. Arnold Schwarzenegger unveiled Friday a proposed budget that calls for severe cuts to health and human services and state employee salaries and threatens even deeper cuts if the federal government doesn't pony up $6.9 billion...
|Greta Van Susteren -- Fox News -- January 7, 2010
If you live in California ... run!
If you live in California, you might think about running! I just read Gov. Schwarzenegger's 2010 State Address and the trend he outlined is grim. Here are just a few things he said: 1. There are 38,000,000 people who live in California. About 50% of the state revenue (state income tax) is from 144,000 people...
|David Ignatius -- Washington Post -- January 3, 2010
Don't follow California's path to ruin
The U.S. economy survived the traumas of 2009, thanks to good policy and good luck. What worries me, looking ahead, is what might be called the "Californiaization" of America the growing tendency of our political system to make promises in social spending programs that it isn't prepared to pay for with tax increases...
|San Bernardino County Sun -- December 30, 2009
Here's Your 'Change': Recession wiped out seven years of job growth
The recession erased tens of thousands of San Bernardino County jobs gained during the boom years of this decade and at least one economist predicts it could take more than five years to get them all back. At the low point of the current recession, San Bernardino County had 747,359 jobs in September...
|Market News International -- December 29, 2009
Will California default on bond debt in 2010?
As 2009 comes to a close, California's economy remains severely weakened by the effects of almost two years of recession. -- Economists predict that 2010 won't be any better, as the state faces a $20.7 billion dollar budget deficit, some 60-plus legislators seek re-election...
|Flopping Aces -- December 27, 2009
Thinking the unthinkable, a California bankruptcy
It is becoming increasingly clear that the structural deficit in California cannot be solved by any means available to the legislature, by economic growth, or by just plain luck. It is time to think the unthinkable: that the only way for California to get its financial house in order is through bankruptcy...
|The Hill -- Washington -- December 23, 2009
Report: Schwarzenegger to seek federal bailout on threat of deep cuts
California Gov. Arnold Schwarzenegger (R) plans to ask for billions of dollars in federal assistance to help buoy his cash-strapped state government, according to a report released Thursday. -- California state officials and lobbyists familiar with the plan told the Los Angeles Times that if the federal government does not provide $8 billion in aid...
|Dollars & Sense -- December 23, 2009
State budget blues
California's fiscal woes may have grabbed the national headlines, but states across the nation are slashing budgets to close gaps that are averaging a jaw-dropping 24% this year. Even before the economy nose-dived in late 2008, the GAO was warning states to expect growing revenue shortfalls over the coming decade...
|Los Angeles Times -- December 21, 2009
Small-business bankruptcies rise 81% in California
The Obama administration's new plan to give a boost to small businesses reflects continued trouble in that sector, which is facing new failures even as much of the nation's economy is stabilizing. -- As credit lines have shrunk and consumers have cut back on spending, thousands of small businesses have closed their doors over the last year...
|New Geography -- December 21, 2009
What happens when California defaults?
The California Legislative Analyst's Office recently reported that the State faces a $21 billion shortfall in the current as well as the next fiscal year. That's a problem, a really big problem. My young son would say it was a ginormous problem. In fact, it may be an insurmountable problem...
|San Francisco Chronicle -- December 18, 2009
California population growth slows as tens of thousands of residents moved away
California's population growth slowed over the past year as tens of thousands of residents moved away - many of them heading to other Western states, according to the state Department of Finance. -- The Golden State's population grew by 353,000 to 38.4 million from July 2008 to July 2009.... [Related item]
|KABC-TV -- Los Angeles -- December 18, 2009
Schwarzenegger's approval rating bottoms out
Thursday, 12/17 -- A new poll shows very few people approve of how the governor is handling the economy and the state budget...
|Bloomberg -- December 15, 2009
California may look abroad to sell bonds as sales get 'harder'
California, the most-populous U.S. state, may begin seeking to sell its bonds to overseas investors after the sale of $36 billion of debt this year has made it more difficult to raise money, Treasurer Bill Lockyer said. -- California's bond sales this year paid for projects from roads to stem cell research...
|San Bernardino County (Calif.) Sun -- December 7, 2009
In-state tuition rates for illegal aliens questioned
At a time of unprecedented peril for the state's education system, a growing number of school districts are going the extra mile to promote a law that allows illegal [alien] students to receive subsidized tuition at California colleges and universities...
|Orange County Register Editorial -- Santa Ana, Calif. -- December 6, 2009
California shows the way.... down
Once the envy of the other 49 states, California has become the measure of failure. Historically a trend-setter, once again, as California goes, so may go the nation. -- The Pew Center on the States recently completed an extensive study of the 50 state governments and found California in the worst straits....
|David Crane -- Fox & Hounds Daily -- December 1, 2009
Public employee gain reason for higher ed loss
This Thanksgiving I gave special thanks for the University of California and California State University systems. In California, jobs and economic growth are inextricably linked to the well being of higher education. With their 33 campuses and 670,000 students, UC and CSU play central roles in providing opportunity to students, preparing California's workforce... [See Cal Meltdown Watch]
|San Diego Union-Tribune -- December 1, 2009
Government as farce / $7.4 billion debt in state jobless fund is telling
With depressing regularity, stories emerge out of Sacramento that provide explicit proof of the striking incompetence of our state's leaders. Here's the back story on the latest. -- In the summer of 2001, Democratic lawmakers and then-Gov. Gray Davis were pushing for a four-year, 96 percent increase in maximum unemployment benefits... [See Cal Meltdown Watch]
|Dan Walters -- Sacramento Bee -- November 29, 2009
California debt may be half a trillion dollars
Just days before Gov. Arnold Schwarzenegger and legislators finalized a water package, including an $11.1 billion bond issue, state Treasurer Bill Lockyer warned them not to do it. -- California is already deeply in debt, Lockyer warned, has huge budget deficits and can't afford another big bond issue...
|London Guardian -- November 28, 2009
Here's Your 'Change': Campgrounds near L.A. now filling up with homeless
..."There is a predictable path for those who lose their jobs and can't pay the rent or the mortgage," Gary Blasi, a University of California law professor, told Rolnik. "First they live with friends and relatives, but they're poor, too. Then they live in their cars until the cars get towed or break down. Some live in tents. Almost all the camping grounds within 100 miles of Los Angeles are now filled with people living in them."...
|Stephen Lendman -- Rense.com -- November 26, 2009
New study shows ten states face fiscal crisis
The Pew Center on the States (PCS) "works to advance state policies that serve the public interest," through "credible research (to) advance nonpartisan, pragmatic solutions for pressing problems affecting Americans." Its new report titled, "Beyond California: States in Fiscal Peril," says the following...
|San Jose Mercury News -- November 25, 2009
California unemployment fund facing $7.4 billion deficit
Already grappling with one multibillion-dollar budget deficit, cash-strapped California now is facing a crisis in its unemployment insurance fund source of the tens of millions paid each week to jobless residents. -- Amid record unemployment, the fund will likely finish the year $7.4 billion in the red...
|San Francisco Chronicle -- November 21, 2009
California unemployment hits 12.5%
California employers added 25,700 jobs in October, the first such gain since April of 2008. But the state unemployment rate still rose to 12.5 percent, its highest level in nearly 70 years, as a report issued Friday depicted a downtrodden labor market struggling to rebound...
|Bloomberg -- November 21, 2009
California was among states with record unemployment
California, Delaware, South Carolina and Florida registered record rates of unemployment in October as weakness in the labor market stretches from coast to coast and limits the economic recovery. -- Joblessness rose in 29 U.S. states last month compared with 22 in September, the Labor Department said today...
|Orange County Register -- Santa Ana, Calif. -- November 19, 2009
The defecit that wouldn't die
Only last July the state budget was balanced with cuts in "essential" public services, by agreeing to sell high-priced assets, after deciding to switch money from one account to another and by planning to fill remaining gaps with Washington handouts. Despite intentions, the state didn't save billions of dollars...
|Los Angeles Times -- November 19, 2009
California's budget woes will continue for years, report says
...State government faces a nearly $21-billion deficit over the next year and half, according to the report by nonpartisan Legislative Analyst Mac Taylor. Sacramento will be forced to muddle along, he says, unable to reverse the deep cuts that officials have made to K-12, universities, healthcare and social services... [See This Feature]
|Reuters -- November 18, 2009
California budget shortfall to top $21 billion
California faces a budget gap of nearly $21 billion over its current and next fiscal years, according to the state government's budget watchdog agency, the Los Angeles Times reported on Tuesday. -- The newspaper said California's Legislative Analyst's Office would issue an official report on Wednesday with its shortfall estimate...
|Dr. Jerome R. Corsi -- WorldNetDaily.com -- November 17, 2009
Belly up: 10 states face imminent bankruptcy
Ten states are facing imminent bankruptcy, confounding any possibility of economic recovery as tax revenues continue to decline and unemployment increases nationwide, Jerome Corsi's Red Alert reports. -- Those states in fiscal peril include California, Arizona, Rhode Island, Michigan, Oregon, Nevada, Florida, New Jersey, Illinois and Wisconsin.
|San Francisco Chronicle -- November 17, 2009
California's darkening future
California's recurring budget nightmares are becoming near-permanent fixations. After cutting $20 billion last June, the state may wind up with a deficit of more than $12 billion by next June - and a deeper hole the following year...
|Reuters -- November 14, 2009
California braces for new state budget gap
California's fiscal watchdog will soon release a report pointing to yet another massive state budget deficit sure to trigger weeks if not months of angst in the state capital of Sacramento. -- Governor Arnold Schwarzenegger expects as much as he has repeatedly been snared in heated debates with and among lawmakers...
|Politico -- November 9, 2009
Poll shows gloomy view in California
While Californians hold a high opinion of President Barack Obama, they have a grim outlook on the state’s future and a low opinion of their own crop of potential leaders when voters have even heard of them. -- Faced with a budget crisis that has forced massive budget cuts and tax and fee hikes across the state...
|San Bernardino County (Calif.) Sun -- November 8, 2009
U.S. illegal immigration program costing county
San Bernardino County taxpayers have spent an estimated $54.5 million to jail illegal [aliens] since 2004, and officials have been fighting an uphill battle to get the federal government to pick up more of that cost. -- In all, federal officials have reimbursed the county about $6.7million since fiscal year 2004...
|Richard W. Rahn -- Washington Times -- November 5, 2009
Choosing fantasy or facts
Have you noticed that many politicians who have trouble dealing with reality also seem to prefer fantasyland when dealing with budgets? -- Those on the left never stop claiming that problems will be solved if only tax rates are increased. Why then does California, with its 10.6 percent state income tax rate, have a huge budget deficit...
|Los Angeles Times -- November 1, 2009
California to withhold a bigger chunk of paychecks
Starting Sunday, cash-strapped California will dig deeper into the pocketbooks of wage earners -- holding back 10% more than it already does in state income taxes just as the biggest shopping season of the year kicks into gear. -- Technically, it's not a tax increase, even though it may feel like one...
|KABC-TV -- Los Angeles -- October 31, 2009
California steals from workers
Sacramento -- Starting next week, the state begins withholding another 10% in taxes, and the increase is indefinite. -- It's not what cash strapped Californians want to hear, especially with the holidays just around the corner. --- It's part of the budget deal Governor Arnold Schwarzenegger and lawmakers agreed to, to help the state ease the financial crisis...
|Dan Walters -- North County Times -- Escondido, Calif. -- October 29, 2009
CalPERs deal raises stink
...CalPERS is run by a claque of politicians and directors who mostly come from public employee unions. And it hasn't exactly posted a sterling investment record lately, having lost about $100 billion in often speculative investments, such as a $1 billion haircut on Southern California land...
|John Judis -- The New Republic -- October 26, 2009
End State -- Is California finished?
California is a mess, but I love it all the same--especially the Bay Area, where I lived for 15 years. I went to Berkeley in 1962--a refugee from Amherst College, which at that time was dominated by frat boys with high SAT scores. I didn't go to Berkeley to go to school, but to be a bus ride away from North Beach and the Jazz Workshop...
|Reuters -- October 20, 2009
Sorry, no jobs. This is California
If you're looking for work, don't look in California. -- The world's eighth largest economy is still finding its feet after suffering multiple economic shocks, including a housing slump, mortgage crisis and recession. -- Employers in California, the most populous U.S. state, are expected to keep cutting staff in 2010 as the wider U.S. jobs market recovers...
|Robert Cruickshank -- London Guardian -- October 18, 2009
From Golden State to failed state
California has become a failed state. Its political system is unable to resolve a financial crisis that has prevented us from using government to end high unemployment and restore the California dream. -- California's crisis is by no means unique. Other states face serious budget problems, including Pennsylvania and New York...
|Bloomberg -- October 10, 2009
California's budget suffers 'major blow' as debt sales loom
California's revenue collections trailed its forecasts by $1.1 billion during the first three months of the fiscal year, showing new deficits are emerging in the budget Governor Arnold Schwarzenegger signed July 28. -- Revenue was 5.3 percent less than was assumed in the $85 billion annual budget... [See Cal Meltdown Watch]
|Bloomberg -- October 10, 2009
California budget already in the red 10 weeks after passage
California Governor Arnold Schwarzenegger will know within a month whether a $1.1 billion drop in revenue collections is part of a growing budget shortfall or an isolated event, his budget spokesman said. -- Revenue in the three months ended Sept. 30 was 5.3 percent less than assumed in the $85 billion annual budget...