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California’s Economy Hosanna Patroni English ¾ period 2 June 1,2009.

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Presentation on theme: "California’s Economy Hosanna Patroni English ¾ period 2 June 1,2009."— Presentation transcript:

1 California’s Economy Hosanna Patroni English ¾ period 2 June 1,2009

2 What is Economics? Activities related to the production and distribution of goods and services in a particular geographic region. What is “GDP”? The gross domestic product (GDP) or gross domestic income (GDI), a basic measure of an economy's economic performance, is the market value of all final goods and services produced within the borders of a nation in a year

3 Turn to the Facts US newspapers wrote that Schwarzenegger had never been able to find a way out of the crisis during his governorship. The deficit of the state budget already makes up $15 billion and may soon reach $21.3 billion. Economists say that the income of many Californians dropped down to the level of 1938 during Schwarzenegger’s stay in the office. Like much of the U.S., the housing bubble has burst. Property values are decreasing. At the same time, this has made it more difficult to obtain credit -- banks could be on the hook for many loans that could go into default, so they're only lending to the more secure borrowers. Starting in April 2009 there will be a new tax increase that is set to increase sales tax from 8.25% to 9%+. A massive plan to overhaul healthcare in state prisons will be scaled back.A senate bill which would have created a state-run system to provide health care to every Californian has been scrapped.A Cal Works program providing medical, dental, and vision care to 90,000 children will be eliminated. Hundreds of new spending programs have been sidelined, and the local budgets of cities and counties have been raided to make ends meet California's unemployment rate hits 10.1% ( highest of all states). And the list goes on on how we are all affected by the budget cuts and raised taxes.

4 How does it affect us students? The educational budget cuts affect students by -Increasing lay offs resulting in larger class sizes. -Tuition prices for colleges are rising. -Extra curricular activities are being shunned

5 Unemployment California's unemployment is rising

6 Who do we write to? If you are interested in this issue the person whom to write is -US Senator Barbara Boxer -Gov. Arnold Schwarzenegger -CA State Senator Fran J. Pavley -CA State Representative Mike Feuer -Mayor Antonio Villaraigosa *if highlighted in blue, person preferable to write to

7 How do we fix it? Tell your elected official that banks have to relax -if lending regulations were loosened small businesses will flourish and create more jobs. Ask your elected official to not cut CalWorks or Healthy Families, programs which provide medical care for the poor and uninsured.


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