California economy

11 Stories

Romney: California, It's Just Like Greece

Jokes state knows a thing or two about debt; California unamused

(Newser) - Mitt Romney jokingly said the United States needs to do a better job managing debt or it could end up like Greece, or closer to home, California. The Republican presidential hopeful told an audience in Iowa yesterday that he worries the US is on a pathway to crippling debt and... More »

US' New Biggest Bankrupt City: Stockton

California city expected to file paperwork today

(Newser) - The city of Stockton, Calif. , will today file for bankruptcy, becoming the largest city in the US ever to do so, the San Francisco Chronicle reports. Stockton, a river port and agricultural city of nearly 300,000 about 90 miles east of San Francisco, became a victim of California's... More »

236K Lose Jobless Benefits

Some of country's hardest hit states see benefits expire

(Newser) - Unemployment benefits abruptly dried up for 236,300 people this weekend, as federal support for the long-term unemployed expired in some of the country's hardest-hit states. Thanks to a law Congress passed in February, long-term benefits are being scaled back from 99 weeks to 79 weeks, the Hill explains.... More »

Calif. to Enact Toughest Renewable Power Law in US

Would require 33% of energy to come from renewable sources by 2020

(Newser) - California is poised to enact a law that will require the state to get 33% of its power from renewable sources by the end of 2020—well up from its current target of 20%, and by far the most in the nation, reports the AP . "Instead of watching from... More »

Next Financial Crisis: Collapse of States, Cities

Mounting debt, accounting tricks could set up bust among municipalities

(Newser) - Several US states and cities are sitting on fiscal time bombs that could send the country careening into a domestic version of the EU debt crisis, financial experts warn. Pushed to the brink by the downturn, state and local governments are riding trillions of dollars’ worth of debt—much of... More »

Dirt-Cheap Calif. Pot Triggers Grower Panic

'Emerald Triangle' suffering amid glut

(Newser) - Moves towards legalizing marijuana are creating hard times for the marijuana farmers of northern California. The growers—who prospered when government crackdowns sent prices soaring—are suffering from increased competition and consumer preference for indoor-grown marijuana. Pot's wholesale price has plummeted, and many fear the 30-year-boom in California's "Emerald... More »

Meg Whitman Is the Anti-Palin

She's known for her business smarts, not her personality

(Newser) - Meg Whitman is in some ways the political polar opposite of Sarah Palin, writes Sara Libby. As she fights for the GOP nomination in the California governor's race, Whitman is relying on her smarts and her no-nonsense business acumen. The self-described "frumpy" dresser is "no 40-something pinup,"... More »

JPMorgan Chase to Lend California $1.5B

(Newser) - After joining other major banks in snubbing cash-strapped California last month, JPMorgan Chase has changed tack and is lending the state $1.5 billion to end its IOU program a month early. The short-term loan will enable California to start redeeming on Sept. 4 the IOUs it has been using... More »

Schwarzenegger Blew Chance for Real Reform

Would-be savior turns out to be just another lying politician

(Newser) - Arnold Schwarzenegger came into politics with an uncommon opportunity to tell Californians hard truths about taxes and governance, using his surprising mandate to press for reform. Instead, he became just another governor repeating "the same lies and the same nostrums," pretending citizens can have good public services without... More »

Calif. Voters Torpedo Budget Crisis Measures

Defeat leaves Governator facing massive service cuts

(Newser) - Californian voters soundly rejected five ballot measures that would keep the hard-hit state economically solvent until the end of the year, on a turnout of little more than 10%. The vote against extended tax increases and capped spending is a sharp rebuke to Gov. Arnold Schwarzenegger and state legislators who... More »

Recession a Long-Term Bummer for SoCal, Dude

(Newser) - The recession hit Southern California earlier and harder than almost any other part of the country—and it’s likely to linger a lot longer too, Steve Pearlstein writes in the Washington Post. The area played a “central role in the Bubble Economy,” and now, being the “... More »

11 Stories