Op-Ed: California can survive, and even thrive, amidst a recession. But only if it develops a strategy that doesn’t depend on a few companies and the ultra-rich. (via latimesopinion)
. It is projected that the cost of servicing the state’s debt in 2022 and 2023 will be approximately $8 billion annually and could grow even higher as interest rates rise.California’s pension obligations to its employees are, by some measurements, the nation’s highest.
California now suffers the nation’s fourth-highest unemployment rate and has experienced one of the slowest job recoveries from the pandemic of any state. It has the nation’s highest cost-adjusted poverty rate and among the highest levels of income inequality. It’s worrisome, to be sure. Yet the current economic crisis also creates opportunities, if California is willing to seize them. For example, the current drive toward reshoring — bringing American companies’ manufacturing and services back from overseas — has created enormous opportunities. Consider Intel’s decision to invest $20 billion in a massive new computer-chip-making facility outside Columbus, Ohio.
The Russian crisis and ongoing economic competition with China create expanded opportunities for California to tap its vast store of natural resources, including natural gas and food production. As long as we are still using fossil fuels, it would make economic sense to tap energy here, creating high wage jobs — rather than import it, at great cost, from Russia or the Persian Gulf.
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