Personal income falls 2.5% in California

[Newsjock]

Source: San Francisco Chronicle

Personal income in California fell last year for the first time since the Great Depression, the Commerce Department said Thursday.

State income plunged even more sharply in 2009 than the similar, historic drop that occurred on a national basis, a notable reversal given that California generally has beaten the national averages throughout the 80-year history of this report.

Personal income includes wages and salaries, health and pension benefits, rents, dividends and interest, federal payments such as unemployment and Social Security, and just about every form of wealth except stock sales and other capital gains.

The 2.5 percent drop in statewide personal income works out to $1,527 fewer dollars for every man, woman and child in California.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/03/26/MNQC1CLAG0.DTL&tsp=1

[mike_c]

1. thanks Arnold....

Now THAT'S a legacy!

[bemildred]

2. So Ahnuld really did "fix" California didn't he? nt

[lunatica]

3. Furloughs

I work in UC Berkeley in administration. My paycheck has dropped by 5% every month from this month to February 2011 to account for the furlough days we must take. And anyone getting more salary gets more taken out (up to 12@ for the higher paid employees - those who are paid out of State funds). Add to that all government employees in the State and it adds up. Then add the people who are forced to take part time and lower paying jobs and you've got the answer right there.

[xxqqqzme]

4. Furloughs perfectly

illustrate the failure of rethugs during difficult economic times. Forced furloughs, layoffs and elimination of social programs means less collected revenues for the state, counties and cities which means more furloughs, layoffs & budget cuts. In California, we have the grover norquist created perfect storm to destroy the government.

[Nikki Stone1]

5. +10,000

...

[David__77]

6. On the surface everything look so normal here...

I know a lot of unemployed people. People are living in unconventional arrangements and just making due. The stores are still filled with the affluent. It's hard to assess just from being out in society.

[golfguru]

7. California needs a money printing machine

just like the federal government. Then there will be no furloughs,
no layoffs, no service cutbacks, no pain!

If Uncle Sam can spend 1.6 Trillion more than revenues, why can't Uncle Aunuld?