Posted on 02/27/2009 4:36:59 PM PST by GOPGuide
California's unemployment rate rose to 10.1 percent in January, its highest level in a quarter century, as recession tightened its grip on the most populous U.S. state.
Weakness in the housing and consumer sectors helped drive the jobless rate up from a revised 8.7 percent in December and 6.1 percent in January 2008 and to above the national average in January of 7.6 percent, state officials said on Friday.
Economist Jon Haveman of the consulting firm Beacon Economics said he expects California's jobless rate will climb to the mid-10 percent range and settle there for much of this year.
"It's headed north," Haveman said, noting his outlook reflects Friday's report that the U.S. economy in the fourth quarter shrank at a 6.2 percent annual rate, the deepest contraction since early 1982.
"Things are just simply worse out there than anticipated," Haveman said.
Governor Arnold Schwarzenegger said the state's unemployment report was a "sobering reminder that there is nothing more important than getting California's economy back on track."
California officials hope to bolster the state economy with federal stimulus dollars for public works and are rushing to pump state money into infrastructure projects as well.
(Excerpt) Read more at uk.reuters.com ...
Cloward-Piven and Alinsky wants total disaster, crisis and meltdown. This is what O wants.
LOL !!!
Good work on DA German there!
The California unemployment rate will soon be 15% thanks totally to the state and national democrat party (and that idiot RINO Governator).
Companies and productive individuals are, as we speak, fleeing California for Red States. Companies, particularly manufacturers, have no choice if corporate existence is to survive during the Obama-created Depression and the Great Asset Confiscation by the democrat party.
Arbeit macht frei, dude...
Not all local militias see it this way...
It’s unfortunate that such a beautiful state with (predominantly) good people has been hijacked by economically illiterate, left-wing mental midgets. the political situation is a great example of what is happening in Washington DC. The left wing has entrenched itself into the govt framework, mostly via creating a welfare dependant class and a huge governmnet that is in constant need of more money (taxes) fromteh productive class.
Now that CA can’t get much more out of its productive class via taxes, it is going to Congress for a “bailout” - whihc means every other state’s productive class will be supporting CA’s welfare class.
Socialism (the welfare state) is a cancer that will very likely destroy this country. Let’s give a big round of applaus to FDR, LBJ, Jimmuh and now Barak.
Heads up America, things are going to get a little hot around here. I am willing to bet that Obama will exploit our Inapt Liberal woes as just more example of the true cost of bad Bush Economics. Expect for someone to make the suggestion that the rest of the nation help pick up some of our State Debt because our social systems have had to carry a significant load maintaining this nations cheap Labor needs. Look for him to merge the lack of Universal Health care as being just one more hidden cost that we all must pay if we hope to maintain Cheap and Affordable Produce. He might call it a Fair/Share Tax which is applied to everyone;s produce.
The PROBLEM is...10% unemployment is still HALF of Mexico’s! The Latins will keep coming.
20% of the people in LA County on some form of welfare.
Ignorance is Strength
Freedom is Slavery
What is sad is that conservatives are one the side of the Jews, and not the socialists who posted this bit of Orwellian drivel.
Economist Jon Haveman of the consulting firm Beacon Economics said he expects California's jobless rate OF US CITIZENS will climb to the mid-10 percent range and settle there for much of this year.
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