“Weak”, “Stagnant”, and “Barely treading water,” is how the nationwide economy is being painted by Kimberly Ritter-Martinez, Associate Economist for the Los Angeles County Economic Development Corporation (LAEDC).
But legislators are going California Streamlining.
“The August growth reported was weaker than we had hoped to see, it was not like we expecting to see anything great anyway, the labor markets are basically stagnant, we’re just barely treading water right now,” said Ritter-Martinez.
The United States Department of Labor has released the employment and unemployment figures for the month of August.
Don’t miss a thing. Get breaking news alerts delivered right to your inbox.
“In August, the unemployment rate was 9.1%, and the economy added a total of net zero new jobs. The government sector gave up 17,000 jobs which exactly canceled out the 17,000 jobs that were gained in the private sector,” Ritter-Martinez said.
There are now 14 million people unemployed across the United States.
Yesterday, in order to tackle the second highest unemployment rate in the nation (12.4% in July) California legislators announced new measures described as “regulatory streamlining.”
“I want to commend Senate Pro Tem Darrell Steinberg, Assembly Speaker John Perez, and our colleagues in the business community for prioritizing regulatory streamlining and tackling California’s reputation as an unfriendly place to do business,” said Bill Allen, LAEDC, Chief Executive Officer.
State legislators joined with the California Chamber of Commerce and the California Manufacturers and Technology Association to unveil a package, including SB 617, a bill that would require state agencies to review the impact of current and proposed regulations, innovation incentives, and ideas to create jobs and new businesses in California.
The LAEDC believes the complex maze of regulations and regulatory processes have consistently contributed to the perception – whether real or not – that California is one of the least business friendly states in the country.
In addition to SB 617, Speaker Perez’s AB 29 would establish the Governor’s Office of Business and Economic Development (Go Biz) as the lead agency on marketing California’s business climate and strategic development of business-friendly practices.
“With our economy at a pause, and unemployment at around 12 percent statewide, the Legislature should consider all ideas in a bipartisanship fashion that seek to streamline the state’s regulatory system and promote job growth, said Allen.
The LAEDC and its statewide partners are calling on Sacramento to embrace the three “As” – Accountability, Analysis of the economy, and Alternatives — when considering future regulatory reform public policy measures:
- Accountability would require state agencies to assess and report on all new major regulations every few years to determine if they are accomplishing their respective purpose.
- Economic analysis of regulations would require that all proposed major regulations (e.g., those with a potential impact of more than $10M) undergo a high-quality, standardized economic analysis.
- Consideration of all reasonable alternatives would require agencies to catalog all viable alternatives to a proposed regulation and the reasons for rejecting those alternatives.
The entire Department of Labor, Bureau of Labor Statistics Report can be found by clicking here
Established in 1981, the LAEDC is an economic development leadership organization dedicated to promoting job growth, economic expansion, and the overall global competitiveness of Los Angeles County, its surrounding regions, and the state of California.
For more information on the LAEDC, click here.