Golden State Sees Hope of Economic Recovery Californians Are Upbeat about Improvement, but Wary of Hints Clinton May Move Slowly

By Daniel B. Wood, writer of The Christian Science Monitor | The Christian Science Monitor, December 3, 1992 | Go to article overview

Golden State Sees Hope of Economic Recovery Californians Are Upbeat about Improvement, but Wary of Hints Clinton May Move Slowly


Daniel B. Wood, writer of The Christian Science Monitor, The Christian Science Monitor


THE world's seventh-largest economy is looking for a jump-start from the Clinton administration. Though the Golden State is languishing deeper in recession than the rest of the nation, many think it may get one.

"There is already a business upturn we are calling the Clinton bounce," says Jack Kyser, chief economist for the Los Angeles Economic Development Corporation. Because of Clinton's stance on converting defense-related jobs to other applications, his focus on infrastructure improvement, and his ideas for moving high-tech products into commercial markets faster, Mr. Kyser says expectation is running high.

There is also the prospect of a stimulus package that could include lower interest rates - which would significantly aid the stalled real estate market - and $30 billion to $50 billion in federal outlays that may translate into anything from public-works projects to more grants-in-aid for state and local governments.

But President-elect Clinton has stated he may reevaluate the need for an immediate package because of recently revised figures for 1992's third-quarter growth in gross domestic product, up sharply to 3.9 percent from an estimated 2.7 percent. Such wavering has many in California concerned.

"During the next three to six months Clinton will be making choices that will determine short- and long-term prospects for California throughout the '90s," says Robert Arnold, chief economist for the Center for the Continuing Study of the California Economy (CCSCE). He counsels against letting recent upturns take the edge off pushes for economic stimulus.

"This state needs a very vigorous recovery to get back to the growth path we were on before 1990," he says. The growth rates that pulled the state out of recessions in 1971-72, 1975-76, and 1982-83 were between 5 and 6 percent, he says.

A recovery of 2 to 3 percent a year would keep the state well below its growth potential and not allow it to recover losses.

Since 1990, California has lost more than 750,000 jobs. Without recession, 1980s growth rates would have provided nearly 300,000 new jobs. Some estimates, then, argue that the state is missing over a million jobs.

Both the CCSCE and the business forecasting unit at the University of California, Los Angeles, view economic stimulation as essential for a return to the previous growth path. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Golden State Sees Hope of Economic Recovery Californians Are Upbeat about Improvement, but Wary of Hints Clinton May Move Slowly
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.