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FlashReport Weblog on California Politics

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Congressman John Campbell

Growing the Private Sector

Things are not so good out there. The unemployment rate, already stubbornly high, climbed even higher in May. Economists are revising economic growth predictions downward. Housing prices continue to drop, thereby further reducing household wealth. Real returns on bank deposits and Treasury Bills are negative. The dollar is dropping. Gas prices are up, inflation is up. There are some bright spots, certainly, but the overall picture is that of stagnation. Unfortunately, none of this is a great surprise given what the government has been doing of late. We are printing money and artificially holding down interest rates to try and spur recovery. But, this is creating those negative real (after inflation) interest rates, which are distorting capital flows. Most of the country’s tax policies expire in 18 months, so no one can do any long-term investment planning about taxes with any certainty. The government is retarding the development of almost all forms of economical energy (oil, gas, coal, nuclear), while subsidizing expensive wind and solar. We continue to run record deficits, which divert capital from other more productive uses and create the massive public debt overhang… Read More

Richard Rider

CA unemployment rate is 38.4% higher than the other states

Here’s an unsettling thought: We have been comparing CA unemployment with the national average. But what we SHOULD be comparing is CA vs. the average of the other 49 states.

This distinction is important. California holds about 12% of the entire nation’s population, and thus materially impacts the national average figure.

Consider the latest employment figures for the month of April, 2011. If you take California’s dismal 11.9% unemployment number out of the national average, the average for the other 49 states is not the 9.0% national average, but rather 8.6%. http://www.bls.gov/news.release/laus.nr0.htm

BOTTOM LINE: In actual percentages, the CA unemployment rate is a full 3.3% higher than the average for the other 49 states. In terms of percentage difference, that makes CA unemployment on average 38.4% higher than the other states.Read More

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