Monday, March 9, 2009

California Headed for New Budget Crisis

By Robert Gammon
Mon, Mar 9, 2009 at 9:35 AM

The bad economic news just keeps coming. California State Controller John Chiang is warning that the recession is resulting in fewer tax revenues, meaning the state will likely face another budget crisis, according to the Chronicle. Great, it just took us three-plus months to solve a $40 billion shortfall, and now we're staring at an ugly replay. And we all know it's going to get worse.

The federal Labor Department also reported Friday that the nation lost another 651,000 jobs in February, raising the national unemployment rate to 8.1 percent. So far, the economy has shed 4.4 million jobs during the 16-month recession. More evidence that George Bush was this nation's worst president. Ever. Money quote from a Saturday Chron story: "This is going to be the longest recession since the Great Depression," said Wells Fargo & Co. economist Ed Kashmarek.

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