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High living costs solidify California’s two-tier economy
In summary Gov. Gavin Newsom’s crusade against the oil industry over gas prices missed the larger point that the cost of nearly everything in California is very high. Why California is what it is – a state with an immense economy but equally immense socioeconomic divisions – is the topic of perpetual academic, media and political debates. There is one factor, both a cause and an effect, that cannot be debated: California is an enormously expensive place in which to live and work. And if anything, the relatively high inflation that has plagued the national economy in recent years has exacerbated the angst that Californians were already feeling as they…
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Is California’s economy heading for a recession?
California’s financial state exploded as the point out emerged from a relatively temporary but severe recession prompted by business shutdowns that Gov. Gavin Newsom ordered in 2020 to battle the COVID-19 pandemic. Nearly right away, extra than 2 million Californians shed their positions and the state’s unemployment fee skyrocketed to extra than 16{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}. Even so, once the constraints had been eased, the jobless charge little by little drifted downward to pre-pandemic concentrations, under 4{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502}, and California employers uncovered it progressively difficult to fill their work opportunities. The state’s experience on a dizzying financial rollercoaster may well not be more than. Inflation is hitting premiums not witnessed in many years, a…
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