July 7, 2008 - 10:23am
Robert Reich on California's down economy: 'This hole is getting deeper'
By Jeff MitchellRobert Reich, former Clinton Administration labor secretary and a professor at U.C. Berkeley's Goldman School of Public Policy, observes in his personal blog that California's horrific rate of job loss is hobbling the Golden State's ability to get back up on its collective economic feet.
Reich notes that California has lost more than 438,000 jobs since January (that's about 73,000 jobs per month) when in normal economic conditions the state would be creating 125,000 new jobs a month just to keep up with population growth.
The professor, an East Bay area resident and frequent participant on the Sunday morning political talk show circuit, says the only real solution to fixing a deep, consumer-led recession is to have the government begin spending on major infrastructure (roads, bridges, etc) projects.
Reach more of Reich's thoughts on our down economy here.
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