The Difficulty of Finding a Job in Marina Del Rey
An article in the LA Times back in 2009 reported on the unemployment levels in California. This is back when the unemployment rate was around 11.2 percent. This is the highest level since the state began keeping records of this statistic. This is far higher than the nationwide average that hovers somewhere around 9.8 percent. Though this level is high, California seems to have been hit particularly hard in recent years. Things haven't changed much in the last few years and, in fact, it's gotten worse. California is currently at 12.5 percent. California has the second highest unemployment rate in the nation right behind Nevada at a staggering 14.5 percent unemployment. It's not all bad news though and there are some bright spots for the future.
It seems that California, in this current economic situation, has been a good representative of the country's overall status. The housing market in California was a large portion of the economy and when home sales dropped and people began foreclosing en mass, it was most evident in the sunshine state. With the government promising a slow housing recovery, as the market has started to level out and the market picks back up, it seems that so is the state as a whole.
Perhaps the biggest problem facing California isn't the state of the housing market but the state's budget woes that it's faced in recent years. There have been many plans that have come and gone but nothing that seems to have stuck. An article in The Economist recently covered the continuing issue. LA is being forced to contemplate ways in which to confront the massive budget deficit of more than 25 billion. It's important to realize that this has a lot to do with the unemployment rate. There simply isn't any money to go around right now. When there's no money, there are no public works programs and very little construction. Roads, bridges, and other areas of infrastructure have sat idle and decaying while officials struggle to get a grip on the state budget. Carpenter Luiz Vasquez was quoted in the LA Times as saying, "I go through town, and I do not hear the sound of work. I do not hear a single hammer strike".
Many people are having a hard time getting by and finding cash. This has prompted many to sell off possessions or seek short-term financial assistance through car title loans and the like. The state has been forced to make painful cuts to its budget but the hope is that Plan B and C will help alleviate the budgetary issues and get many government and construction employees back to work. Only time will tell how effective current measures will be to the long-term financial health of the state.
