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  •  60K employees will lose job new wave foreclosures (0+ / 0-)

    http://www.washingtonpost.com/...

    EXCERPT

    Closing California's budget gap entirely through cutbacks in programs, as Schwarzenegger and the Republicans in the legislature propose, will deepen not only the state's recession but also the nation's.

    Fully 1 in 4 of the nation's underwater mortgages, for instance, are on California homes, and the effects of the governor's proposed cuts -- which UCLA's Anderson School of Business estimates will cause 60,000 state employees to lose their jobs -- will be to create a new wave of foreclosures and toxic assets on the banks' books. California accounts for 12 percent of the nation's gross domestic product and a disproportionate share of the federal government's revenues

    Right-wing ideologues see the crisis as an opportunity to shrink government regardless of the consequences. Schwarzenegger is proposing to end welfare, not just as we know it but altogether, and to throw 1 million children off the rolls of the state's healthy families program.

    Schwarzenegger wants to cut CA's welfare program. CA could become only state in First World without benefits for poor children. leginfo.ca.gov/yourleg.html

    by anyname on Thu Jul 02, 2009 at 04:19:15 AM PDT

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