unemployment in california

[greytercel]

thank you all for the input....lovehound, i don't get #4 about the bad spelling, etc.

[laviachi]

CBS 60 Minutes 10/25/10: "The national unemployment rate of 9.5% percent sounds incredibly high and of course, it is. But, it doesn't nearly capture the depth of the trouble. It doesn't count the people who've seen their hours cut to part-time, it doesn't count the people who've quit looking for work. If you add all of that together, the unemployed and the underemployed, it's not 9.5% percent, it's 17% and here in California it's 22%."

California is mired in heavy debt to the tune of $19 Billion and overall state debt of $290 Billion including state pensions, etc. and the political establishment has done little to hold back on spending. Businesses are fleeing due to heavy taxation and high cost of living. It will late 2011 before there are any signs of change in the positive but the heavy debt loads will drag on the economy here for years to come.

[nmnita]

Originally Posted by smokingGun

Cali is in the dumps because the now-deflated real estate boom skewed many jobs toward RE/construction/building/materials, while flooding local economies with illusory cash from leveraged deals now gone bust. All the states that saw ginormous gains in the property values before the crash are paying a huge price in terms of unemployment right now. It's going to take a few years to rebalance the labor market.

All the reason given before yours play a part, but you have hit the nail on the head. The real estate market going south was the icing on the cake.

Nita

[nmnita]

Originally Posted by Inter441

Cali will bounce back !! Mark my words !! Cali is important to the usa

It will, but it is going to take a decade at least and maybe longer, plus it may not ever be what it was 20 years ago. Too many companies are relocating.

Nita