Got to thinking about this - it doesn’t deal/mention the Pension hole that has been dug? In CA - the cities/counties are economically slaves to the State budget. With all of them filing bankruptcy, and the HUGE pension deficit Calpers has - I don’t think that shows up in these graphs.
Am I wrong?
California actually has some fairly decent job growth. The problem is that the state govt. spends too much and there are too many regulations. Personal income tax and cost of living is so high that many do not want to move there now.
The corneal of truth I see is in the omission of the real unemployment figures. When you count all those who quit looking I suspect our real rate is around 20+/-3 pct.
Good thread! Thanks!
BTW, how about a thread showing:
1.) the yearly totals of actual number of people working in each of the last 10 years?
and 2.) the same data compared to Government and Private work force annual totals.
The purpose is to illustrate how much of our Nation’s “employment” is paid for by those of us who pay taxes.
Please ping me for that thread.
But is California really our very own economically nutty slice of Europe? Does it deserve to be lumped in with the black seep of the global economy? In short, no, not even close. If anything, Greece, Spain, and Italy would love to be in as good shape as California right now.
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really? how many major cities in Greece, are currently filing for Bankruptcy.
...and those charts, prepared by the California Treasurer?
CA just passed a budget, that actually BUDGETS windfall profits from Facebook stock sales !
(so who knows, what other “tricks” their doing with all the numbers...)
...
further, Calpers alone just about has an unfunded liability greater than Greece, especially when they “mandate” an 8% gain each year!
...
10% unemployment? ...how about looking at the percent employed instead.
another recent article here at FR, showed that California has about 300% of the national average on welfare and foodstamps.
...and i am certain, that many FReepers who know more about ecomomics than me, could add a LOT more...
California State Treasurer as a source for the debt figure, eh? Of course that figure doesn’t include unfunded pension liabilities, which are the very thing that are driving California cities into bankruptcy. The unemployment rate figure is also dubious, since it’s surely the state-level U3 figure, rather than the U6 figure (and which is actually comparable to what European countries report? I’m guessing it’s the U6.)
Why show only Greece, Spain and Italy - where is the rest of Europe? And what about California’s enormous share of the federal debt?