Governor’s Response to Slow Recovery – More Taxes

Russ Steele

The Sacramento Business Journal has the story: California loses 100,600 financial sector jobs in four years

California continues to struggle on the job front, and that includes the financial sector, which led the nation into the recession and has yet to make a full recovery.

According to an On Numbers analysis of U.S. Bureau of Labor Statistics    data, 45 states and the District of Columbia have fewer financial-services jobs now than they did four years ago, when the economic downturn was just beginning.

California saw the worst drop in the sector in terms of raw numbers, losing 100,600 positions in four years. Neighboring Nevada lost the most in terms of percentage, losing 17.7 percent of its financial jobs since 2008.

Sacramento’s jobs dropped by 11.65 percent, going from 863,600 in January 2008, just after the official beginning of the recession, to 763,000 in that same month this year.

Louisiana had the greatest increase in financial jobs, rising 1,800 since January 2008, followed by North Dakota, up 1,300 financial jobs and Texas, up 1,000.

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Overall, California lost 855,200 jobs since the beginning of the recession, and lost126,300 government jobs.

The Governor’s solution to California’s slow economic recovery and extensive job loss is to raise taxes on CA businesses and citizens by a $160 billion.  That should help the economy of neighboring states.

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About Russ Steele
Freelance writer and climate change blogger. Russ spent twenty years in the Air Force as a navigator specializing in electronics warfare and digital systems. After his service he was employed for sixteen years as concept developer for TRW, an aerospace and automotive company, and then was CEO of a non-profit Internet provider for 18 months. Russ's articles have appeared in Comstock's Business, Capitol Journal, Trailer Life, Monitoring Times, and Idaho Magazine.

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