California state budget and fiscal year problems assure a weak housing market and poor employment conditions for another fiscal year. $3 billion miss in April tax revenues, selling electronic freeway ad space, and 80 percent of income from volatile sources.
The state of California is entering the new fiscal year budget wrangling period. What the legislature in Sacramento was hoping for in April with generous tax revenues actually turned out to be an absolute bust. The California housing bubble bursting is still having deep ramifications for the future of the state. Unfortunately what we are […]
The retirement myth – 1 out of 3 Americans has no savings or retirement account. Half of Americans have $2,000 or less in their retirement account. 401k new name for Wall Street grease.
Middle class Americans are witnessing the conversion of their retirement accounts into gambling pots used by Wall Street. The metamorphosis of Wall Street into one giant fraud ridden center moved by investment banking funds has slowly occurred over the last four decades. Average Americans have sat back over these years since they were given enough […]
California construction employment back to 1997 levels. California building permits at all time record low.
Solving the California state budget crisis just got that much tougher. Estimated tax revenues came in nearly $3 billion less than expected wiping out a steady stream of months where things seemed to be improving at least on the revenue front. And this should come as no surprise. California has done very little to wean […]
Middle class getting pushed into poverty and working poor status – The cloaked recovery for the middle class. How 30 percent of the poor are unemployed.
Over 6.5 million of the 15 million unemployed Americans have been out of work for 27 weeks or more. As a percent, this is the highest number of long-term unemployed we have had since the Great Depression. What is not discussed in this recession is the working poor and middle class have taken on the […]