Monday, July 19, 2010
Local Economy Leaves Mall Half Empty
I guess I shouldn't be surprised. The Southern California economy is in the dumps. The state budget is overdue and is projected to have a deficit of $19 billion. The local unemployment rate is 12.3% with the U-6 unemployment and underemployment rate of over 20%. Housing prices are still falling after a mild pickup from a now expired federal bailout (so tired of that word). Taxes are set to rise dramatically in a few months, especially on the people who are most likely to hire the millions of unemployed. Is it any wonder the country is in an uncharacteristic doldrums right now?