Failed State Update: Budget Reality

From the California Legislative Analyst’s Office: Multiyear Budget Deficits Alarming. Both our office and the administration expect the state to face multiyear deficits, with estimates ranging from $20 billion to $35 billion annually. These deficits are...

Tariffs and the Labor Market

After cogitating a bit on the December jobs data, I’m increasingly convinced that the job market is struggling, and the broader economy is fragile, in big part due to U.S. tariffs. There has been no job growth (and likely job declines after all the revisions are in),...