California’s recent announcement that it had balanced its budget for the first time since the 2007-08 fiscal year received broad coverage. Yet next to nothing has been said about the change in the state’s spending priorities over that six-year period.
Oracle Corp. Chief Executive Officer Larry Ellison plans to build one to power the Hawaiian island he bought last year. EBay Inc. has one to run a data center. The University of California at San Diego and the federal government have invested tens of millions of dollars in the technology.
NRG Energy Inc., the largest independent U.S. electricity producer, agreed to buy most of the assets of Edison International’s bankrupt Edison Mission Energy for $2.64 billion to expand its coal and wind holdings.
Dec. 11 (Bloomberg) –- David Crane, a public-policy lecturer at Stanford University who worked as an economic adviser to former Republican Governor Arnold Schwarzenegger, talks with Bloomberg's Mark Niquette about the pay packages of California's public employees. Payroll data compiled by Bloomberg on 1.4 million public employees in the 12 most-populous states show that California has set a pattern for lax management, inefficient operations and out-of-control costs. (Source: Bloomberg)
Nine years ago, California Democrat Gray Davis became the first U.S. governor in 82 years to be recalled by voters. The state’s 20 million taxpayers still bear the cost of his four years and 10 months on the job.