Here is a depressing economic factoid

Russ Steele

I found this information on the California Political News blog, which I have edited for brevity:

Comparing the second quarter of 2009 with 2010, California corporate income tax receipts dropped a breathtaking 41.6%.  That is a stunning reduction in one year.  Only rust belt Ohio was worse.

ooo

With California's unique AB32 global warming law becoming effective in 2011, we soon should be able to sprint past Ohio in our race to the bottom.

One of the reasons for the decline in corporate income tax is that companies are leaving California.  California Political News is planning a regular feature listing companies that are leaving the state.

There is one danger in only listing the companies leaving, some are moving to the state. Governor Perry from Texas ran into this problem, when he boasted that The Lone Star State had ripped off 153 businesses from The Golden State in the first eight months of the year. Perry's office obtained the figure from business consultants Dun & Bradstreet. What Perry doesn't say is that 92 companies moved from Texas to California during the same period, reducing the Texas net gain to 61.

The bottom line is that California tax revenue are plunging, the state keeps spending money it does not have, and they are poised to fully implement AB32 which will make doing business in California more expensive.  What else could possibly go wrong? Oh! Bankruptcy and a Federal take over.