Guy on Ratigan yesterday explained how loss of manufacturing led to state revenue shortfalls

[NNN0LHI]

Not sure who he was? But he said without the losses in manufacturing and the revenues we lost due to that there would be no state budget shortfalls right now.

Couldn't find a link to exactly who he was or what he said but this is basically what he was saying here:

http://www.calaborfed.org/index.php/site/page/334/

Since 2000, California, and the nation, have experienced large and continuing job losses in the manufacturing sector. Between January 2000 and 2009 California lost 471,000 manufacturing jobs, equal to 25.6% of all manufacturing jobs in the state.

The loss of manufacturing jobs makes California’s economic woes even worse. Manufacturing has historically been part of the foundation of California’s economy, and the decline in manufacturing has long-term consequences for the economic health of the state. snip

California’s working families are struggling just to get by. The only way for California to emerge from this deep, dark recession is to invest in the creation of good jobs with decent pay and benefits.

Investment in manufacturing, in particular, is a smart way to spur economic recovery. Manufacturing jobs have the highest multiplier effect of any job classification in any industry—for every manufacturing job created, an additional 2.5 jobs are created in the broader economy.

[Cassandra]

1. MERS also deprived...

states and localities of mortgage transfer fees in the billions.