Term Paper ID:27801 | |
The nation began recovering from the recession, but California's economy seemed to respond less quickly. There are two likely reasons for this: California's economy is the largest in the nation; & the decline in aerospace spending.... More... | |
The nation began recovering from the recession, but California's economy seemed to respond less quickly. There are two likely reasons for this: California's economy is the largest in the nation; & the decline in aerospace spending.
The relationship between the economy of the nation as a whole and the economy of any given state is not always clear. The U.S. economy has recently been recuperating from a period of decline and turmoil; there is much concern over whether the recovery is to be long-lasting and whether it is taking place too rapidly or rapidly enough. California is the largest economy within the United States, and indeed the California economy rivals that of many nations of the world. The decline in government spending for the aerospace industry in particular has profoundly affected the economy of California, and the recovery that is taking place elsewhere in the nation seems to be sluggish in California. How will the anticipated economic growth on the national level affect California? Sivy (1994) believes that California will benefit from the impro
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House delegation that is equal to the combined delegations ofNew York and Pennsylvania and accounts for 12 percent of the entire Housemembership. News & World Report (September 14, 1992), 69-71.Sivy, Michael. California is the largesteconomy within the United States, and indeed the California economy rivalsthat of many nations of the world. How will the anticipated economicgrowth on the national level affect California? The state's bond rating dropped fromone of the highest in the country to one of the lowest. Among these problems are thenational recession, swelling immigration and its heavy demands on stateagencies, defense and aerospace downsizing, a prolonged drought's lingeringimpact on the agriculture industry, scheduled military base closings, andvast construction cutbacks. In the pastfour years, some 43, of California's older corporations disappeared. The state has beenbattered by a relentless recession that has cost the state at least 7 , jobs since May 199 , many in the defense industry. California's predominantlywhite middle class is bitter about the way the economy is developing, withgated communities and armed guards for the professional few, and meansuburban housing with miserable commuting conditions or crime-ridden cityslums for the rest. He notes that the recession hasbeen quite painful in California, and especially in Southern California,but he further notes that after four years, the state is beginning torevive so that the economy looks better than at any time since 199 .Because of this, companies that get a large share of their profits fromCalifornia could see substantial earnings and share-price gains over thenext two or three years. California has been losing companies to other states in recent yearsas these companies seek better tax structures or lower costs, and the lossof these tax-paying and job-providing companies in the state has added toCalifornia's already formidable problems. It ended with the demise of the Reagan-Bush era. (Demott, 1993, 17)Business disenchantment with taxes and...