Ebbing Tides in the Golden State: Impacts of the 2008 Recession on California and Los Angeles County

Abstract

The most concrete characteristic of a recession is that demand disappears for some of the commodities produced by workers and unwanted unemployment is imposed on a large segment of the labor force. With growing job losses in the current recession it is important to know, whose boat falls when the economic tide recedes? Benchmarks of dislocation from past economic declines are instructive of what lies ahead. The link between loss of jobs and diminished well-being is powerful and clearly demonstrable. When households lose their incomes, a predictable range of vulnerabilities to economic, housing, family and health emergencies are created.

The report projects impacts of the 2008 recession on the labor market, housing, poverty, welfare, human services, health, well-being, and public revenue.

Keywords: Business Cycle, California, Decline, Earnings, Economy, Eviction, Foreclosures, Growth, Health, Housing, Income, Industries, Jobs, Labor Market, Los Angeles, Opportunities, Poverty, Public Assistance, Recession, Recovery, Services, Strategy, Strengths, Tax Revenue, Unemployment, Wages, Welfare, Work

JEL Classification: C53, C81, D63, H11, H51, H53, I31, I32, I38, J21, J23, J24, J64, J68, O15