California Racks Up 26,400 Jobs Lost in October; Budget Deficit Near $30 Billion; But Schwarzenegger Stays On

November 22, 2008 (LPAC) -- The official figures on unemployment in California jumped to 8.2% in October, as there was a net loss of another 26,400 jobs. Since October 2007, the percentage of Californians unemployed has increased by 2.5%. At the same time, revenues collected by the state continue to fall, with a budget deficit from now through the end of fiscal year 2009-10 (i.e., over the next 18 months), closing in on $30 billion.

In the face of these figures, the bad actor running the state, Gov. Arnold Schwarzenegger wished to reassure Californians that he will not leave his job, to take a position in the incoming Obama Administration, and will stay on as Governor until his term ends, in January 2011. This reassurance may lead to a mass exodus from the state.