353 comments on The Expected Economic Impact of an Energy Downturn
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353 comments on The Expected Economic Impact of an Energy Downturn
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GAIA Host Collective
California has a 16 BILLION dollar deficit... so you can imagine the cuts going out here on the left coast.
Todd
If I were a lender, I would have serious questions about lending California anything, with that kind of deficit. California looks like a problem waiting to happen.
California is a problem in progress.
Interesting that the Bush regime has brought down three sitting Democratic governors. Gray Davis in California by recall, Don Siegelman in Alabama by dubious prosecution, and Eliot Spitzer in New York State by combing his financial records. (Spitzer is shamefully guilty, but his offenses were uncovered by opposition research. Siegelman seems to have been railroaded.)
The "no growth" situation cannot be recognized too soon.
I wasn't able to quickly find the last time that the CA budget was actually balanced, but it's been broken for a long time. At least 10 years, but my memory says much longer than that. We've been running on borrowed money forever. As in many other things, CA is a microcosm of the bigger picture, and it wouldn't suprise me a bit if, in the same way that we have led the country in pursuit of renewable energy and emissions controls, we also lead it in playing out the inevitable end of the borrowing game.
Great work on this article, Gail! It's not a pretty picture but you told it straight and simply, and you did it well.