California Nightmarin': Unemployment Nearly Doubles
California -- already in danger of running out of money -- reported that its December unemployment rate hit 9.3 percent, up from 8.4 percent in November and waaay up from 5.9 percent in December 2007.
The state shed 78,200 jobs in December, excluding farm workers as the economy is getting hammered by the recession. If California were an independent nation, its Gross Domestic Product would place it among the world's top 10 countries.
California has one of the nation's highest foreclosure rates. It is now tied with Louisiana for the nation's lowest credit-rating. Moody's has warned it may cut the state's debt rating, making much-needed loans harder to get and more expensive.
At the same time, Gov. Arnold Schwarzenegger (R) has been chiding his legislature to plug the state's massive budget shortfalls, projected to be $15 billion this year and $25 billion next year.
The Governator has been using apocalyptic language in describing the state's dire financial state that The Ticker is certain comes from his movies and, quite frankly, that he just enjoys saying.
"If we don’t put aside our ideological differences and negotiate and solve this problem, we’re heading towards a financial Armageddon," Schwarzenegger said in December.
Schwarzenegger has been, critics say, bullying the legislature by using populist tactics.
Which means, The Ticker hopes, that he is thisclose to telling the people of California this. (At the 22-second mark.)
January 23, 2009; 3:31 PM ET
Categories: The Ticker | Tags: California, Moody's, Schwarzenegger, unemployment
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