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| For Immediate Release August 3, 2002 |
Contact: Gino DiCaro |
Did Not Produce Economic Stimulus
Sacramento, CA- - The California Manufacturers & Technology Association today noted that the year-long session of the 2002 California Legislature has ended with the Assembly and Senate’s failure to recognize and address serious weaknesses in California’s economy.
Rather than enact measures to create jobs, stimulate new hiring and promote growth, legislators enacted numerous bills that saddle new costs on business just when a critical need exists to reduce cost pressures and reinvigorate the economy.
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According to a recent study on manufacturing prepared by the Milken Institute, the cost of doing business in California is already 32% higher than the national average. As a result, since January2001, more than 157,00 manufacturing workers have lost their jobs.
Further, the Los Angeles Times reported last week that the average household income for L.A. County residents declined from 1990-2000 by nearly $3,000. Additionally, the California Budget Project announced last week that growth and wages for all California workers, adjusted for inflation, was flat for the decade.
“California businesses have been burdened with billions of dollars in new government mandates,” said Stewart. “As a result, investment that should be directed toward economic growth is instead being diverted to regulatory growth in the form of higher workplace, environmental and energy costs. Companies that could create high paying jobs are either buckling under the weight of these new costs or even voting with their feet by leaving California.”
“California policymakers should feel an obligation to reverse course and help rebuild the California economy,” continued Stewart. “We will urge the Legislature next year to accomplish this vital mission.”
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