Ceiling at 16: California’s Lack of Recovery
"The bigger story however is that, in addition to making a lower low in 2010, California employment never regained the 16 million mark first achieved early last decade. This is yet another way to understand how the American economic system, while still increasing in population, is no longer producing the economic flows required to function normally. That the declining marginal value of government spending would eventually reveal itself is no surprise. Indeed, as had been pointed out on this blog previously, California data warned of a possible new economic downturn in the US as early as December, 2010."