SACRAMENTO, Calif. -- Democratic state Sen. Ben Hueso was arrested Friday on suspicion of drunken driving, the latest black eye for the state's majority party and the 40-member chamber that suspended three other Democrats facing legal troubles.
As a result, our trade deficit has ballooned. In 1993, before Nafta, the United States had a $2.5 billion trade surplus with Mexico and a $29 billion deficit with Canada. In 2012, the combined Nafta trade deficit was $181 billion, even as the share of that deficit made up of oil imports dropped 22 percent. The average annual growth of our trade deficit has been 45 percent higher with Mexico and Canada than with countries that are not party to a Nafta-style pact. The companies that took the most advantage of Nafta -- big manufacturers like G.E., Caterpillar and Chrysler -- promised they would create more jobs at their American factories if Nafta passed. Instead, they fired American workers and shifted production to Mexico. read more
Aki Ito, Ian Katz and Ilan Kolet, Bloomberg: Call it the no-raises recovery: Five years of economic expansion have done almost nothing to boost paychecks for typical American workers while the rich have gotten richer. Meager improvements since 2009 have barely kept up with a similarly tepid pace of inflation, raising the real value of compensation per hour by only 0.5 percent. That marks the weakest growth since World War II, with increases averaging 9.2 percent at a similar point in past expansions, according to Bureau of Labor Statistics data compiled by Bloomberg.
You have heard it before: "As California goes, so goes the nation." If that is the case, the national economy will be harmed for decades to come because of California's misplaced priorities today. Indeed, by emphasizing high-speed rail over water and failing to deal with its debt crisis, California poses a long-term threat to our national economy and is on an economic collision course of increased immigration and lack of water.
(Governor)Brown (has made the) decision to make high-speed rail a higher priority than water. Over the last 7,000 years, California has endured droughts that have lasted up to 20 years, according to Scott Stine, a professor of geography and environmental studies at Cal State East Bay. California is in year three of its current drought, which is projected to result in economic losses of $2.2 billion to California agriculture in 2014 alone according to a UC Davis study not to mention the loss of over 17,000 jobs.
In his own words:
"I think if you were to go around to most of the -- what I would think of as super-sophisticated people who think about politics and policy more than five minutes a month -- we are doing really well," Steyer said today at a conference in Aspen, Colorado, hosted by the American Renewable Energy Institute. "And the question in the United States of America is how are we doing with everybody else, which is the 99.5 percent of the people whose lives are very busy and complicated and pressing and they don't have a lot of time to think about the things that don't immediately impact themselves and their family.