California is becoming ‘post-industrial hell,’ economist says

From California Watch:

Since the recession began, times have been tough in California – everybody knows it. The economy is in a protracted stall.

But it took economists at California Lutheran University’s Center for Economic Research and Forecasting to describe, in hyperbolic language, the depth of the problems that have beset the Golden State since the stock market started to tank in the summer of ’08.

“California,” writes center director Bill Watkins, “is fast becoming a post-industrial hell.”

That’s true “for almost everyone except the gentry class, their best servants and the public sector,” he writes.

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