In the ongoing debate over government spending and its impact on job growth, the latest news from California reveals a harsh reality. While the public sector has seen an increase in jobs supported by tax dollars, the private industry — the backbone of any strong economy — has experienced a significant decline.
According to a recent analysis by the state Legislative Analyst’s Office, private-sector industries in California have lost a staggering 340,000 jobs since their peak a couple of years ago. The tech and finance sectors, which were once major drivers of the state’s economy, have been hit particularly hard. The information sector, home to tech giants like Google, Apple, Intuit, and Facebook, has experienced a 16 percent decline in jobs, while the financial sector has lost 8 percent of its workforce.
Meanwhile, the health care and social-service industries, which are largely…
