Newly revised economic data vividly illustrate the difficulty of the choices confronting California legislators as they try to close the state's $35-billion budget deficit. Not only has the current recession claimed many more jobs than previously estimated, but the state's private sector, the major source of tax revenue, is shrinking at an alarming rate.
Since March 2001, when the downturn began, California has lost a net 370,000 private-sector jobs. That's 75% of the loss in the early 1990s recession, regarded… more