Wednesday, July 15, 2009
Despite the state's current economic problems, the fundamentals of California's economy are strong, according to a new report by the PPIC. We speak to PPIC Researcher Jed Kolko about the strengths and weaknesses in the state economy. We also talk to Kolko about a report he did on who's moving out of California, and why.
Maureen Cavanaugh: With budget shortfalls, a climbing unemployment rate and the state issuing IOUs as payments, it certainly would be nice to hear something hopeful about the California economy. Well, the closest thing to hopeful we can get our hands on right now is a new report from the Public Policy Institute of California.
This analysis finds our state's long-term economic prospects to be fundamentally strong. And it finds that California's economy closely tracks the nation as a whole. So, there's no specific weakness in our economy that got us into the mess we're facing now.
The PPIC report provides a long-term view of the state's economic trends, and in the process dispels some myths about California's economy.