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Posted on 07.02.09 by Thomas L. Knapp
“Late last year, Joel Kotkin a fellow at Chapman University, warned about a political and economic sundown in California. With a failed vote on the state’s budget, sunset seems to be quickly approaching. The state passed a budget in February but has been battered by the economic crisis and has lost about 20 percent of expected tax revenue since, in large part because much of the state’s employment was in the real estate sector. Today, California will begin issuing IOUs to creditors. California is both the largest state economy, accounting for almost 13 percent of US GDP, and one of the most financially mismanaged.” (07/02/09) Link: http://www.tcsdaily.com/article.aspx?id=070209A Filed under: RRND Commentary and Twitter-Worthy | Report Bad Link Bookmark this post in Furl or Del.icio.us | |
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