HolyCoast: California Suffered The Worst Job and Business Loss in the Country

Thursday, October 20, 2011

California Suffered The Worst Job and Business Loss in the Country

No surprise, and you can't blame this all on Obama:
California suffered the greatest loss of jobs and businesses of all sizes during recession, according to a new analysis by the Small Business & Entrepreneurship Council.
“Recessions are felt most deeply in terms of lost businesses and lost jobs,” said SBE Council Chief Economist Raymond Keating. “No one performed well in the abysmal economy prevailing in 2008 and 2009. The question is: Which states performed least poorly vs. which states did the very worst.”

California was the very worst among the states and Washington D.C. by 5 of 10 measures in the report “Surviving the Recession,” because of the size of its population and because it was the epicenter of the subprime mortgage industry and housing bubble that led the worst recession since the Great Depression, Keating said. The analysis used U.S. Census data.

California ranked dead last from 2007 to 2009 in:

Jobs lost: 937,941
Total establishments lost: 34,166
Lost businesses with fewer than 100 employees: 32,160
Lost businesses with 100 to 499 employees: 1,841
Lost businesses with more than 500 employees: 165
You'll have to look to Sacramento as the source of most of these problems. The profligate spending and exorbitant public employee union benefits granted by Sacramento politicians set the table for a complete meltdown when the national economy went south. Sacramento spent like the glory days would last forever and now we're paying the price.

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