Californians' income falls for first time since WWII

[Newsjock]

Source: Sacramento Bee

Government statisticians have put a number on Californians' paycheck pain last year: about $40 billion.

The federal Bureau of Economic Analysis said personal incomes of Golden State workers fell by that amount in 2009 compared with the previous year – the state's first year-to-year decline since World War II. In the Sacramento region, income was off about $800 million.

... California's decline was a third more than the national 1.8 percent personal income drop, reflecting the relative intensity of the state's recession.

... Reduced incomes have been reflected in other ways. Californians have reduced retail spending, and state and local governments have felt the effects in lower tax revenue.

In June, the State Board of Equalization said it collected $48.4 billion in revenue in the 2008-09 fiscal year, about $4.7 billion less than the previous year. A primary factor, the board said, was a decrease of $68.5 billion (12.4 percent) in taxable sales from 2007-08.

Read more: http://www.sacbee.com/2010/08/11/2950736/californians-lost-out-on-40-billion.html

[xchrom]

1. recommend

[Tuesday Afternoon]

2. K&R

[femrap]

3. CA is usually

a trendsetter state...unfortunately in this regard.

[midnight]

4. I have the impression that Enron helped usher the State of California

to this economic chaos.

[ProgressiveProfessor]

5. This has tremendous consequences for the state budget limits imposed by Prop 4

[dimbear]

6. It displays the comparative advantage of electing a dilettante

as opposed to an experienced public official. Something to think about for fans of Mrs. Harsh.

[ProgressiveProfessor]

7. Not sure how that fits, but sure...

Have to wonder if it will indeed trigger Prop 4/Gann Initiative spending limits)