rankandfile – the employment numbers are right on, and they were NEVER mentioned by Alan Gin. I asked him about this in my post More Lies by Alan Gin,but neither he nor his students wanted to answer that question: Why are you saying we have a strong economy, when in reality half of new jobs added since 2003 are in real estate?
desmond – yes, government revenue will take a serious hit. As Thornburg said, there go the infrastructure dreams of the current CA Administration. What will happen to San Diego’s budget? I bet their turnaround depends on current income continuing on for decades. Will SD file bankruptcy next year, as sales tax and property tax revenues shrivel up?
