Will California become America's first failed state?
California may be the eighth largest economy in the world, but its state staff are being paid in IOUs, unemployment is at its highest in 70 years, and teachers are on hunger strike. So what has gone so catastrophically wrong? California has a special place in the American psyche. It is the Golden State: a playground of the rich and famous with perfect weather. It symbolises a lifestyle of sunshine, swimming pools and the Hollywood dream factory. But the ... Full Story »
Posted by Justin Michels - via OneRiot, Tim O'Reilly, Dan Gillmor, Drudge Report, Digg, NewsRack (Energy), Memeorandum, Real Clear Politics, Publish2 (U.S.), Publish2 (Politics), The Guardian (US)
My work as an architect and "hands-on" builder gives me a pretty clear point of view. California's unemployment rate may be 12% overall, which is bad enough, however I would guess that in the construction industry that figure could be as high as 50-60%. Mostly it is smaller projects that are still in play, and even necessary maintenance is being deferred indefinitely.