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PRESS RELEASE
For Immediate Release
September 22, 2003
Media Contacts: Gino DiCaro
916-730-3443
William Hodges
916-498-3324
California CEOs Say State is on Course to "Economic Ruin"
Executives Give Economic Prescription to Governor, Recall Candidates and Legislators



View ad (pdf)
Sacramento, CA- - CMTA and more than three-dozen CEOs of California companies today said California is on a "course to economic ruin" and issued a prescription for economic recovery to Governor Davis, candidates in the recall election and legislators. In newspaper ads that ran across the state, the CEOs of companies including Intel, Charles Schwab, National Semiconductor, Applied Materials, Knight Ridder and others said California's economy is at a crossroads and issued a broad three-point prescription for salvaging the economy.

"California's economy is in trouble. Every day more companies announce they are laying off workers, moving out of state, or reducing benefits, wages or work hours," the CEOs stated. The executives noted that California is vulnerable to the enticements of business recruiters from other states and countries who constantly approach their companies about moving out of state or locating new facilities in other states or countries. The CEOs said California's business climate compares very unfavorably to these others states. "California has become one of the worst places to do business not only in the United States but in the world," the executives said.

The ad, sponsored by the California Manufacturers & Technology Association and paid for by Intel Corporation urges Governor Davis, legislators and candidates in the recall election to adopt a broad three-point plan to turn around the economy:
  • Do no more harm. The executives urge a moratorium on more taxes, fees and regulatory mandates that damage business competitiveness, and they urge reinstatement of the Manufacturers Investment tax credit, which the legislature allowed to expire.
  • Citing figures from the Milken Institute that California's overall tax burden is 24% higher than the national average, the CEOs called for a reduction in the tax burden on California businesses.
  • They urged an immediate end to the practice of passing sweeping legislation in the final days and hours of the legislative session with little or no public scrutiny.
The ad also challenges candidates in the recall election to go on the record on these issues and urges the news media to ask the candidates where they stand on these issues.

"This advertisement is an extraordinary step by company CEOs but we are in extraordinary times," said Jack Stewart, president of the California Manufacturers & Technology Association. "Many California policymakers just do not get it. Despite losing over 300,000 high wage manufacturing jobs since 2001, they continue to pass bills that are destroying California's economy. Our policymakers and prospective leaders have a choice. They can help us put California back on track, or they can continue the current course to economic ruin. California is at a crossroads. Californians deserve to know where their elected officials intend to take this state."
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