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'California economic recovery unlikely'
[Iran Press TV]  A widening budget deficit of $25 billion for Caliphornia will make it unlikely for the state to experience economic recovery this year.According to recent data released by Legislative Analyst's Office, Caliphornia shows the largest deficit in the US -- a figure more than the entire budget of most states. Throughout the recession, Caliphornia has been among the worst performing states in America. The state's unemployment rate has consistently been higher than the rest of the nation and Caliphornia has now the lowest credit rating in the United States, a Press TV correspondent reported. However, The infamous However... Economists are hopeful that a change in leadership might help Caliphornia obtain its recovery. Former Caliphornia's Governor Arnold Schwarzenegger left office this month, after failing to achieve any significant improvements in the economy. Economists say Schwarzenegger did not have the political experience to push for the necessary measures. "He tried to go the public route and tried to do a number of ballot initiatives and ended up losing, because he took up too many enemies at once. He had fantasy issues and he tried to use his popularity (as an actor)" says economist Kevin Klowden. But residents told Press TV that they were doubtful that the new Governor Jerry Governor MoonbeamBrown ... those who ignore history are bound to repeat it ... will bring along much change. Brown has released a new budget proposal this week, but economists say it is too soon to say whether they will have major impact on the state's massive deficit. Caliphornia's economy is the eighth largest economy in the world, eclipsing even large countries such as Russia. Posted by: Fred 2011-01-15 |
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