August 16, 2012 - California Dreamin’ Turns Into Nightmare for Some: California added jobs faster than the rest of the nation over the past year. Tech firms are showering riches on Silicon Valley, and home prices are soaring in places like Palo Alto. The Golden State is rebounding, but for a broad swath of residents, it is a lot less golden and is likely to stay that way.
Even in Silicon Valley, many aren’t joining the revival. Tech companies are thriving, but only after shifting much work elsewhere. Internet-software experts are in demand; middle-aged semiconductor executives aren’t.
California is “an economy of haves and have-nots,” says Sung Won Sohn, an economics professor at California State University, Channel Islands. Moving from robust coastal areas to languishing inland regions is “like falling off an economic cliff.”
California’s economy is so big—its $2 trillion annual output is bigger than all but nine countries—and so diverse that there are always disparities among regions and industries. Click the link below for the complete story.
The Master of Disaster