Who Killed California’s Economy?
7th July 2009
The media and political pundits refuse to see this gap between the state’s budget and its ability to pay as an essential issue.
But the fundamental problem remains. California’s economy–once wondrously diverse with aerospace, high-tech, agriculture and international trade–has run aground. Burdened by taxes and ever-growing regulation, the state is routinely rated by executives as having among the worst business climates in the nation. No surprise, then, that California’s jobs engine has sputtered, and it may be heading toward 15% unemployment.
Tax and tax, spend and spend, elect and elect. Rinse. Repeat. Go bankrupt.