San Francisco's KGO-TV ABC 7 news reports that California's unemployment fund has been insolvent since January 2009 and only continues to issue benefits checks with the help of loans from the federal government. Without corrective action, the fund could run of deficit of $20 billion.

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The United States is now seeing the largest surge in long-term unemployment since the Great Depression. The sustained unemployment of millions of workers is straining state and national budgets. California suffers one of the highest unemployment rates in the nation and at the same time one of the least business friendly tax and regulatory climates.  Read more >>

While the weather in L.A. is usually sunny, Reuters News has a stormy forecast for Mayor Villaraigosa. With a $212 million budget shortfall, falling property taxes and 15% unemployment, the mayor is poised to become a lightning rod for city employee unions, who staunchly oppose layoffs and pay cuts for their members.

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