Word: californiaisms
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...abundance of industries and multitude of talents in the workforce should make California a bastion of job creation and security. As a matter of fact, the state is just the opposite of that...
...unemployment rate in California moved up to 10.1% in January. That figure may seem extraordinary but it is astonishing when measured against the December figure of 8.7%. According to the AP, the number of people without jobs in the state was 1.8 million in the first month of this year compared with 754,000 in January 2008. All of these figures are almost certainly undercounted because of the large numbers of illegal aliens who have come into the state, mostly from Mexico. The competition for jobs between citizens and those who have recently crossed the border in search of work...
...most sobering aspect of rising joblessness in California is that it is not the by-product of a downturn in one business sector. Layoffs have come from industries as diverse as technology, hospitality, finance, construction, and retail. Put another way, the firestorm has not spared anything...
...most bewildering things about what has happened in California is that there are very few places in the world that has its tax base. The state has had a cornucopia of wealthy industries, some, like the huge hardware and software sectors, which have only existed as large employers for two decades...
...California may be lighting the way ahead for the rest of the failing U.S. economy. If so, one of the prominent features of its decline is that the government could not prevent it. The easy argument against that view is that a state cannot print money to sustain its economy. That is true, but there still is not any proof that printing money at the federal level will buy the country out of a pathological state which is destroying sixty years of the fruits of American capitalism...