Four of the five cities with double the national unemployment rate are in California, no surprise to those of us who have been following the state’s deep recession (and interesting to consider in light of the coastal/inland divide described in last week’s New York Times, and the debate that has generated). Read: Bottom Line – Cities…
Tag: california
The unkindest cut: automatic triggers
Background on the looming California budget cuts this spring… Every government bases an adopted budget on revenue projections (and engages in a variety of tactics for keeping money flowing out while it waits for that revenue to flow in). Of course, those projections meet reality at some point during the year, and budgets may need…
Stockton, Calif., takes ‘first step towards bankruptcy’
Another city mentions the B word: Stockton, California will “skip some bond payments in an effort to restructure its precarious finances.” Along with defaulting on about $2 million of debt payments through the end of its current fiscal year, the city located about 85 miles east of San Francisco will seek mediation with its major bond…
NYT: “Budget Woes Prompt Erosion of Public Jobs, With a Heavy Toll in Silicon Valley”
San Jose, Calif., which calls itself the capital of Silicon Valley and has grown to become the nation’s 10th biggest city, has had to shed more than a fifth of its workers in recent years to save money. It is, in a way, a microcosm of the nation, which has lost 668,000 state and local…