Horace Greeley Nothwithstanding Bloom Is Off California Rose
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Horace Greeley (February 3, 1811 - November 29, 1872) was editor (
1840-1870) of the New York Tribune then America’s most influential newspaper and is improperly credited with the famous phrase “Go west young man.”
Actually it was uttered by an Indiana newspaper man John B. L. Soule in 1865 and the full quote was “Go west young man and grow with the country.” Americans have followed that advice for over one hundred and fifty years, and it has generally been good - until now.
Today white flight is accelerating in California, and most observers expect a decline in the State’s legal population and a loss of Congressional seats from its delegation of 53 seats after the 2010 census for the first time in California’s history. Of course that will also proportionately reduce its Electoral College impact in 2012.
California is staggering under high home prices, crippling personal and business taxes, while Sacramento is paralyzed by inept political leadership
An immediate consequence is a darkening jobs market. In July Los Angeles County’s jobless rate jumping to eight-point-one percent up a full percentage point from June. Orange County’s relatively mild unemployment rate rose half a-point to five-point-seven-percent. In the Inland Empire, the jobless rate in Riverside County hit a Depression Era-like nine point three topping nine-percent for the first time in eleven years. San Bernardino County was close behind at eight-point-nine-percent and so-on-and-so forth. The state’s construction industry lost the most jobs statewide and tradesmen are leading the outmigration followed closely by all-sorts of high skill workers.
The State’s deficit continues out of control demanding deep cuts in health care and education just as those costs, driven in part by a flood of illegal’s, are climbing relentlessly to the stratosphere. But, rather than face the music elected officials, at all levels are proposing increased taxes, and borrowing.
If as conventional wisdom proposes trends begin on the West coast and spread east this is forbidding.
