Posted by State Senator Mimi Walters at 9:13 am on Jan 25, 2014 Comments Off on Restoring Our Golden Promise
After the housing bubble
burst in 2007, which precipitated the “Great Recession”, for too
many Californians, the opportunity for economic success was lost.
The release of Governor Jerry Brown’s proposed 2014-15 budget,
which includes the first surplus in over a decade, has led some
legislative leaders to believe that our economic challenges are
over and that it is time to start spending again. Recent temporary
tax increases and a resurgent, yet volatile, stock market have
brought in more revenues than expected, causing Democratic
legislators to irresponsibly call for increased long-term spending
with short-term revenues.
However, most economists
agree that while the United States’ economy is recovering, it is
still not what it once was prior to the recession. They stress that
for our economy to experience a “true recovery,” we must see a
substantive drop in the unemployment rate and real employment
growth.
According to the Bureau of
Labor Statistics, the federal unemployment rate is currently 6.7%
(8.5% in California). In December of 2007, the… Read More