California: 2000 versus 2016-What’s Different now?

ntbraymer

By Noel T. Braymer

This nation now is in a transition from a Democratic to a Republican Administration. Last time that happened was in late 2000. In the first decade of the 21st century California soon found itself on the ropes. A recession in 2001 due to the Dot.Com financial bubble caused a major decline in the State’s revenue with the reduction of capital gains taxes from stock sales. Almost overnight the State went from a budget surplus to a deficit. With no agreement in the Legislature on how to cover this shortfall, spending was slashed which in turned slowed the economy more. During this time many rail passenger and rail transit projects were delayed for years due to these cutbacks as well as other government services.

Adding to the State’s woes at this time between 2000-2001 were the many power outages on the State’s electrical grid. California was blamed…

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