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News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis. [23] [24] The state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 (1978) mandating another two-thirds supermajority ...
Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...
The 1992 California budget crisis began on July 1, 1992, when the California State Legislature and Governor Pete Wilson failed to pass a budget by the constitutional deadline, [1] and ended 63 days later. [2]
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Gov. Gavin Newsom’s outlook for California’s economy: Slow growth, less inflation, but higher unemployment and a lot of uncertainty.
The 2000–2001 California electricity crisis, also known as the Western U.S. energy crisis of 2000 and 2001, was a period of time during which the U.S. state of California had a shortage of electricity supply caused by market manipulations and capped retail electricity prices. [10]
California's $20 minimum wage raised prices by just 3.7% and did not reduce jobs, per Berkeley study. Critics hit back saying taxpayer funds used to 'present a skewed economic landscape'
A first summit dedicated to the crisis took place, at the Heads of state level in November 2008 (2008 G-20 Washington summit). The G-20 countries met in a summit held in November 2008 in Washington to address the economic crisis. Apart from proposals on international financial regulation, they pledged to take measures to support their economy ...