Web Version [link removed] | Update Preferences [link removed] CBRT in the News California Bill Targets Companies With Highly Paid Executives

California lawmakers will consider raising taxes on some of the nation’s largest companies, with the size of the tax increase depending on how much each company’s highest-paid executive makes compared to its employees.

The bigger the gap, the bigger the tax increase.

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Many of the state’s business groups oppose Skinner’s proposed law, including the California Business Roundtable, which represents large companies. Roundtable President Rob Lapsley said the bill would keep companies from coming to the state.

“I’m not here today to defend CEO pay. What I am here today to do is to defend jobs,” he said. “Take the CEO pay out of it. What [the bill] is sending is a broader signal that the Legislature is intending to be able to regulate every aspect of free enterprise in this state.”

Read More Tying Corporate Tax To CEO Pay

The corporate tax rate would rise from its current 8.84% to as much as 14.84% under a bill that cleared its first hurdle Wednesday.

Democratic Sen. Nancy Skinner of Berkeley proposes to tie a company’s tax rate to the compensation ratio of its highest-paid employee, usually the chief executive officer, to all other workers.

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The California Taxpayers Association and the California Business Roundtable contend raising taxes on businesses would lead to job losses.

The bill passed on a 4-2 vote, with Democrats supporting it and Republicans opposed. Democratic Sen. Melissa Hurtado, who unseated a Republican in Kern County in 2018, didn’t cast a vote.

Read More [[link removed]] Business Climate and Job Creation Trump Wields U.S. Economic Might In Struggles With Adversaries, Allies

A flurry of global events in recent weeks shows how the Trump administration is wielding U.S. economic might—through tariffs, sanctions and other means—as a geopolitical weapon for battles with adversaries and allies alike.

The strategy has reaped some short-term gains, though the risks include the potential for a loss of global influence in the longer term.

Mr. Trump and his team used tariffs to push China toward buying more U.S. goods and reforming its treatment of American companies; increased sanctions pressure on Iran over its nuclear program; considered restricting the Iraqi government’s access to the money it keeps at the Federal Reserve Bank of New York in a confrontation over U.S. troops; and used sanctions to target a Russo-German natural gas pipeline, squeezing Berlin in an effort to challenge Moscow.

Read More [[link removed]] Employers Pull Back On Posting New Jobs

ob openings declined sharply in November, a sign of weakening employer demand that could restrain job growth in 2020.

Job openings fell 10.8% in November from a year earlier to 6.8 million, the Labor Department said Friday. That marked the sixth straight month of annual declines and was the steepest fall since December 2009, when openings dropped 18.7% from a year earlier.

“Pullback in employer demand is leading to a leveling off of momentum in the labor market and also in the bargaining power for job seekers,” Nick Bunker, economist at Indeed, said.

Separate economic data on industrial production and housing starts released Friday shed light on other parts of the U.S. economy affected by unseasonably warm weather.

Read More [[link removed]] Made In Space HQ To Relocate From California To Florida

Today, Governor Ron DeSantis announced that Made In Space has decided to relocate its corporate headquarters and satellite manufacturing operations from California to Florida. The headquarters relocation and expansion effort will involve more than $3 million in new capital investment for Jacksonville.

“As a global leader for in-space manufacturing and assembly, Made In Space has a proven track record of delivering innovative space technology demonstrations at an industry-leading pace,” said Governor DeSantis. “Made In Space’s move to Florida is more evidence of Florida’s success and growth in the aerospace industry. My administration remains committed to supporting that growth and ensuring we maintain an economic climate that allows companies like Made In Space to prosper.”

“Made In Space, through its innovative in-space manufacturing segment and technology which improves life on earth and in space, is forging the way toward a bright new future,” said Space Florida President and CEO Frank DiBello. “We are pleased to have established a long-standing relationship with Made In Space and are proud to welcome the company to Jacksonville on Florida’s First Coast. Space Florida looks forward to Made In Space’s continued growth and success, expanding Florida’s thriving aerospace economic footprint.”

Read More [[link removed]] She Left California To Find An Affordable Place To Live--And Became A Homeowner

The last time I saw Crystal Chandler, in late December 2018, she was stressed out. So was her teenage daughter.

“I thought we were going to be homeless,” Chandler said recently. “I didn’t know what we were going to do. It was just so overwhelming.”

They’d been kicked out of the Concord apartment they had called home for almost eight years, and they were staying with Chandler’s friend before moving to Arizona. When we met for dinner in Pittsburg, Chandler was driving around with boxes of their belongings in the car.

Just a year later, she’s no longer stressed out by housing insecurity, a scourge that’s spread to every corner of the Bay Area. At the top of Chandler’s list of things to worry about is how to furnish the three-bedroom, two-bathroom house she bought in Phoenix.

Read More [[link removed]] Can Universal Basic Income Work?

Democratic presidential candidate Andrew Yang grabbed headlines early on the campaign trail with his pledge to give every adult American a “freedom dividend” of $1,000 a month, no strings attached. Instead of being regarded as a wacky proposal from a longshot contender, his idea is gaining traction. Fellow Democratic candidates Elizabeth Warren, Tulsi Gabbard and Pete Buttigieg have said they are willing to explore some form of universal basic income, which is a model to reduce poverty by providing all citizens, regardless of wealth, with a guaranteed sum. And several Congressional members have floated bills in recent legislative sessions that contain some variation of UBI.

If policymakers need some direction, they need only look at the impoverished city of Stockton, California, where a pilot program has been underway since February 2019 to determine whether giving residents $500 a month can help solve income insecurity and change their lives. The Stockton Economic Empowerment Demonstration (SEED), which will conclude with a final report in July 2021, is being evaluated independently by Amy Castro Baker, assistant professor at Penn’s School of Social Policy and Practice, and Stacia Martin-West, assistant professor at the University of Tennessee’s College of Social Work.

Read More [[link removed]] Trump Inked A Deal With China. California Is Still Sorting Out The Implications

The list of Chinese goods Trump imposed tariffs on since launching a trade war two years ago seems like it runs forever: catfish, bird eggs, natural sponges, pearl onions, mushrooms, chestnuts, copper springs, tungsten wire, thermometer parts. These are just a few.

“It’s mind-boggling to go down the list,” said Jock O’Connell, international trade adviser at Beacon Economics. “It goes on for dozens and dozens of pages ... and covers a lot of goods you can’t even imagine.”

The trade deal inked Wednesday doesn’t do much to clear up that complexity, or relieve the impact of tariffs on California businesses and consumers. Trump’s deal with China was touted by his administration as a victory, but experts say that deal is only a first step toward eased tensions, bringing some immediate benefits but leaving some of the thorniest issues unresolved.

The vast majority of tariffs — which escalated a trade war and delivered higher costs to consumers and uncertainty to the U.S. auto industry and agricultural and manufacturing sectors — remain in place.

Read More [[link removed]] Gig Economy Bills Move Forward In Other Blue States, After California Clears The Way

California was the first state to challenge tech companies such as Uber and Lyft with bold laws meant to reshape the gig economy by converting workers into employees.

And now a handful of other states are following its lead.

Legislators in three other states with Democratic majorities, New York, New Jersey and Illinois, are considering similar bills that could open the door for a wide range of freelance workers. The bills would benefit not just app gig workers but janitors, construction workers, truckers and educational workers.

Advocates say the bills would crack down on a culture of rampant misclassification fostered by companies whose business model depends on apps like Uber, Lyft and DoorDash. Business interests who oppose the moves say they could harm the flexibility that apps give to workers, which has allowed the gig economy to flourish.

Read More [[link removed]] Judge Blocks California Gig Economy Law Enforcement on Truckers

A federal judge halted California’s attempt to regulate trucking companies’ use of independent drivers under the state’s new “gig economy” law, extending a temporary bar on enforcement of the measure while an industry challenge plays out in court.

The order bolsters the trucking industry push to carve out an exemption for the law, which seeks to force companies to classify certain contract workers as employees. It follows a state court decision last week that said the law is pre-empted by the Federal Aviation Administration Authorization Act, or FAAAA, which largely bars states from regulating interstate motor carriers.

The trucking companies are challenging a test that the California law, known as AB5, uses to determine whether contract workers should be considered employees. Aimed at tech companies like Uber Technologies Inc. and Postmates Inc., the law essentially codifies a state court ruling in April 2018 involving package-delivery drivers.

Read More [[link removed]] The Silicon Valley Economy Is Here. And It’s A Nightmare.

Vanessa Bain was less than a year into her gig as an Instacart shopper when the company announced it would no longer allow tipping on its app. Instacart instead began imposing a 10 percent “service fee” that replaced the previous default tip of 10 percent. The change had no impact on customers, who could be forgiven for assuming that the new fee would still go to the workers who shopped for their groceries and delivered them to their homes. “It was deceptive to customers,” Bain said. “They thought they were still tipping us, when instead it went to the company. It wasn’t being passed to us at all.”

When Bain, who lives in Palo Alto, California, became a shopper in 2016, she believed that gig work would provide her with both financial stability and schedule flexibility to take care of her young daughter. However, as independent contractors, Bain and her husband, a fellow shopper, don’t receive sick leave or holidays. And in practice, the “be your own boss” promise of the gig economy instantly vanishes the moment you take on a gig job: It is, instead, a system that relentlessly dictates your schedule. “We are controlled. We are treated like employees but without the perks,” Jennifer Cotten, a Los Angeles area–based shopper, told me. “We’re told what order to deliver in and when to go.”

Read More [[link removed]] Can California Rein In Tech's Gig Platforms? A Primer On The Bold State Law That Will Try

A new law in California seeks to rewrite the rules of work and what it means to be an employee.

Known informally as the gig-economy bill, or AB5, the legislation went into effect on Jan. 1, seeking to compel all companies ― but notably those like Lyft and Uber ― to treat more of their workforce like employees.

The law represents a cataclysmic shift for workers who depend on apps to get gigs, and it has inspired similar efforts in New York, New Jersey and Illinois. Heavyweight presidential candidates like Elizabeth Warren and Bernie Sanders have championed the measure.

But the bill’s passage and implementation, in the face of a strong industry resistance, has done little to quell debate. Instead, the opposition has ramped up, even as the California leaders pledged last week to budget at least $20 million to enforce the law.

Read More [[link removed]] What Gavin Newsom's $222 Billion Budget Says About California's Priorities

Stoked with liberal ideas, flush with another surplus, California in the Newsom era is getting the agenda America might have had, had America not elected President Donald Trump. As Gov. Gavin Newsom on Friday unveiled his initial $222.2 billion budget proposal for next year, the priorities read like an extension of yet another Barack Obama — or maybe a first Hillary Clinton — administration: Public schools. Homelessness. Climate action. Consumer protection. School lunches. Affordable health care, even for undocumented people. Newsom even talked about maybe closing a prison soon.

Pitching state legislators, who determine appropriations, the Democratic governor did some paddling to the right, as Jerry Brown would have put it: There was a tax cut idea for small business owners. And proposals to pay down debt and pension obligations and build budget reserves got positive reviews even from the handful of Republican lawmakers left in the Capitol. And he paddled to the anti-Trump left, lashing out at Trump’s California heckling: “He’s tweeting, we’re doing something,” Newsom said.

This first budget ask is just the start of a long negotiation. And a number of potentially contentious issues — tax hikes, for example — were pointedly not on it. But these presentations do serve as a guide to what matters in an administration. Here are this one’s key takeaways:

Read More [[link removed]] What We've Learned From California's Consumer Privacy Act So Far

In June 2018, California passed a major consumer privacy law called the California Consumer Privacy Act (CCPA). CCPA was the first comprehensive consumer privacy law passed in the United States. It gives consumers several important new rights, including the right to know more about a company’s privacy practices, a right to see, delete, and download the personal information stored about them, restrictions on a company’s right to sell their personal information, restrictions on discrimination against consumers for exercising their privacy rights, and the right to sue companies for certain types of data breaches.

Though CCPA went into force Jan.1, some of the law’s implications are already becoming clear.

First, privacy is not cheap. CCPA delegates rule-making authority (as well as enforcement) to the California Department of Justice. As part of the rule-making process, the California DOJ must estimate the compliance costs of its proposed rules. The DOJ also retained a private economics consultancy, Berkeley Economic Advising and Research (BEAR), LLC, to prepare a “Standardized Regulatory Impact Assessment: California Consumer Privacy Act of 2018 Regulations.”

Read More [[link removed]] How To Lose A Seat In 10 Years

We’ve known for a while that California’s population growth has slowed to historic lows in recent years as immigration has dwindled and birthrates have plummeted.

That’s true for some states across the country and the country as a whole.

But it’s not true for every state. As my colleague Robert Gebeloff reported, some states, like Texas, grew rapidly over the 2010s.

And that, experts say, could result in California losing a congressional seat for the first time in history.

According to an analysis from the Brookings Institution, California is projected to lose one representative, while Texas is slated to gain three in the next round of reapportionment, which will follow the 2020 census.

Read More [[link removed]] California Wineries Sue Insurers Over Smoke-Tainted Wines

In October 2017, as wildfires burned 245,000 acres and damaged nearly a dozen wineries across Northern California, many vintners wondered what would become of their grapes still hanging on the vines, as well as their wines fermenting in inaccessible cellars. As the 2017 wines are being released, the extent of the damage is coming into focus.

Sonoma-based wine company Vintage Wine Estates (VWE) and Kunde Family, a family-owned winery in Sonoma Valley, are suing their insurance companies for refusing to cover wines damaged by smoke from the fires. They argue that smoke taint destroyed the marketability of some of their wines, resulting in substantial losses that should be covered under their respective insurance polices.

The lawsuits could set a precedent for future cases, as climate change and years of drought make wildfires a growing threat to wine regions.

Read More [[link removed]] Energy and Climate Change California, Again Targeting Kern Oil Production, Sues Federal Government Over Fracking Review

California Attorney General Xavier Becerra led a coalition of state agencies Friday in suing the Trump administration over its recent review of fracking impacts in the Central Valley, essentially calling on the courts to block the Bureau of Land Management from resuming lease auctions of federal land for oil production primarily in Kern County.

The federal lawsuit, coming less than a week after an environmental group sued over the same BLM review, means a years-long legal process that culminated in the release of an amended environmental review of fracking practices last year may have to begin anew. That has the potential to stall all new federal drilling leases in the state for years to come.

A BLM spokeswoman in California did not immediately respond to a request for comment.

Read More [[link removed]] California Is On Track To Miss Its 2030 Greenhouse Gas Emissions Targets

A new analysis finds that California is not on track to meet its 2030 greenhouse gas reduction targets absent new and toughened clean energy policies.

Why it matters: California has many of the nation's most aggressive programs, so the results shows the difficulty of achieving steep state-level cuts in that state and others adopting ambitious climate targets.

California also matters a lot because it's the world's fifth-largest economy and its emissions are the second-largest among U.S. states behind Texas.

But, but, but: The research firm Energy Innovation also lays out ideas for making the state's programs tougher in order to meet the target — changes the authors say would yield billions of dollars in economic and health benefits.

Read More [[link removed]] California Launches Rulemaking To Manage Transition Away From Natural Gas

California state and municipal greenhouse gas emission laws will drive down demand for natural gas over the next 25 years, according to the CPUC. The agency has also been grappling with multiple safety and operational issues on California's gas system.

In 2010, a PG&E gas pipeline exploded in San Bruno, killing eight people. Five years later, a leak was discovered at the Southern California Gas-operated Aliso Canyon storage field. And beginning in 2017, two SoCalGas pipelines have been out of service or operating at reduced pressure, leading to constraints on the system.

The operational issues also led to steep spikes in gas prices in local and wholesale electricity markets. At one point, during a heatwave in 2018, prices at a Southern California market increased from an average of $3/MMBtu to $40/MMBtu.

Read More [[link removed]] Children, Young Adults Cannot Sue U.S. Government Over Climate Change: Ruling

A U.S. federal appeals court on Friday threw out a lawsuit by children and young adults who claimed they had a constitutional right to be protected from climate change, in a major setback to efforts to spur the U.S. government to address the issue.

In a 2-1 decision, the 9th U.S. Circuit Court of Appeals said the plaintiffs, who were between the ages of 8 and 19 when the lawsuit began in 2015, lacked legal standing to sue the United States.

Circuit Judge Andrew Hurwitz said the majority reached its conclusion "reluctantly," given "compelling" evidence the government had long promoted fossil fuels despite knowing they could cause catastrophic climate change, and that failing to change policies could hasten an "environmental apocalypse."

Our Children's Trust, an Oregon-based non-profit behind the lawsuit, said in a statement that it would seek an 11-judge panel of the court to review the decision. The ruling had "catastrophic implications," said Julia Olson, the group's executive director.

A Department of Justice spokesman said the government was pleased with the outcome.

Read More [[link removed]] Carbon Pricing: What The Research Says

What the research says

Carbon pricing schemes put a financial price on carbon emission. They are widely portrayed in the economic literature as an effective way to reduce carbon emissions from high-carbon emitting industries, such as certain types of energy production. Academics and politicians often frame carbon pricing not as a cure-all, but rather as one part of a broader strategy to slow or reverse rising global temperatures.

Key context

Rising temperatures caused by climate change could cost the U.S. economy many billions of dollars. A 2017 paper in Science projects that for every 1.8 degree Fahrenheit average temperature increase in the U.S., gross domestic product will fall by 1.2% yearly — equal to roughly $233 billion at today’s GDP.

Poorer areas of the country could be hit hardest, according to the paper. By the end of this century, “under business-as-usual emissions,” the poorest third of U.S. counties are likely to lose between 2% and 20% of current income that residents earn, the authors write. The richest third of counties could lose up to 6.8% of income, according to the authors’ estimates — or gain 1.2%.

Read More [[link removed]] Workforce Development UC Looking At Plans To Hike Tuition For The Next Five Years

University of California administrators are proposing the first tuition hike since 2017 for undergraduates who are state residents — a $348 hike, or 2.8 percent based on inflation, with more to come in the following four years.

They also are suggesting an alternative that would freeze costs for current students at UC’s nine undergraduate campuses but increase it for incoming freshmen by $606 and then more for subsequent classes.

The UC Board of Regents are expected to vote next week on the two plans, possibly approving one They could also decide to postpone any decision until the Legislature provides more funding to the university than Gov. Gavin Newsom did in his recent budget proposal. In his budget plan last year, Newsom explicitly forbade tuition increases at state universities. However, his budget statement last week did not include such a ban and raised speculation that he might go along with modest increases based on inflation.

Read More [[link removed]] President Of Calbright College Who Resigned Will Be Paid Through End Of March

Heather Hiles, president of California’s first online two-year institution — Calbright College — will receive a lump sum payment of about $32,000 and be paid through the end of March as part of her separation agreement after she resigned Monday.

Hiles suddenly resigned after less than one year on the job. Calbright, the state’s 115th community college, opened in October.

Under the separation agreement, released by the college on Thursday, Hiles remains on paid administrative leave through March 31 and will continue to receive her regular salary and health benefits until that time. She will additionally receive a “lump sum equal to one month salary, subject to all normal payroll deductions, on or before March 31.”

Read More [[link removed]] Infrastructure and Housing Wiener's SB 50 Clears Big Hurdle In State Senate

State Sen. Scott Wiener’s sweeping transit-oriented housing bill got a key legislative boost Friday, increasing its chances of passage on the Senate floor by the end of the month.

Wiener's Senate Bill 50, which among other things would raise height limits around transit lines and allow for denser development in high income areas, was removed from the Appropriations Committee and sent sent to the Rules Committee Friday morning by Senate President Pro Tem Toni Atkins. From there, it could be referred to the Senate floor for a vote in the coming weeks.

While SB 50 is not guaranteed to clear the Senate, Atkin’s procedural move is good news for the bill. Last year, Appropriations Committee Chairman Anthony Portantino blocked it from going forward, delaying further consideration of the legislation until this year.

Read More [[link removed]] California's High Housing Prices Drive Development In Risky Fire Zones

In many California cities, housing is prohibitively expensive.

“Our urban areas are so expensive that people working in those job centers are being pushed further and further out,” says Kate Gordon, director of the California Governor’s Office of Planning and Research.

She says as the cost of city living has increased, more houses have been built in outlying areas of the state. They’re often near forests, grasslands, or other natural areas, so they’re at higher risk of burning when wildfires spread.

“What we call the wildland-urban interface, which is the sort of high-fire-risk areas of the state, are getting more and more populated, in part because of people commuting really long distances,” she says.

So Gordon says that as climate change increases the threat of intense wildfires, it’s important to address urban sprawl.

Read More [[link removed]] Oakland's Moms 4 Housing Were Evicted By A Giant Corporation That Runs National Home-Flipping Operation

THE CALIFORNIA COMPANY that evicted a group of homeless mothers from a West Oakland, California, home this week is the force behind a sprawling national home-flipping operation. Through a related entity, the company, Wedgewood Properties, also benefited from a controversial government program to offload distressed, federally insured loans to investors.

Early Tuesday morning, sheriff’s deputies evicted the group Moms 4 Housing, who were occupying a foreclosed, investor-owned home in West Oakland. In November, the four women and their children moved into a home that had sat vacant for two years, rallying community support for their fight against real estate speculators they accused of exacerbating the area’s housing crisis.

“There are four times as many empty homes in Oakland as there are homeless people,” said Sameerah Karim, one of the mothers, at a press conference outside the home in November. “Why should anyone, especially children, sleep on the street while perfectly good homes sit empty?”

Read More [[link removed]] California To Give Cities Camp Trailers, Modular Tents After Spike In State’s Homeless Population

The state is facing a rising homelessness problem — the number of homeless there jumped 16.4% in 2019 from the prior year, according to the US Department of Housing and Urban Development.

In an executive order signed this month, Newsom ordered:

• An unspecified number of modular tents from California’s Emergency Medical Services Authority. Health and social service providers would use them to deliver services to homeless people across the state.

• One hundred camp trailers for use as temporary homeless shelters, supplied by the state’s Department of General Services.

The trailers will hardly put a dent in the state’s homelessness problem — tens of thousands of people are homeless in Los Angeles alone; many there already sleep in tents, while about a quarter of the homeless population there sleep in their vehicles.

Read More [[link removed]] California Governor Restarts Giant Water Tunnel Project

California’s governor has restarted a project to build a giant, underground tunnel that would pump billions of gallons of water from the San Joaquin Delta to the southern part of the state.

Gov. Gavin Newsom’s administration on Wednesday issued a Notice of Preparation for the project, which is the first step in the state’s lengthy environmental review process.

Last year, Newsom halted a similar project that would have built two tunnels for the same purpose. The new project will have only one tunnel, and it will carry less water. State officials don’t know how much it will cost.

“This project would help safeguard a vital source of affordable water for millions of Californians,” said Karla Nemeth, director of the California Department of Water Resources.

Read More [[link removed]] Editorial and Opinion For The Economy, Climate Risks Are No Longer Theoretical

Last year Australia’s central bank hoped that several interest-rate cuts would mark a turning point for its slowing economy. That was before the worst bushfires in Australia’s history hit tourism, consumer confidence and growth forecasts for this year. There is now a good chance the bank will cut interest rates again soon.

Welcome to a world in which climate change’s economic impact is no longer distant and imperceptible. Puerto Rico never fully recovered from Hurricane Maria in 2017. Extreme drought in California and poorly maintained utility power lines led to severe wildfires in 2018, the utility’s bankruptcy and blackouts last year.

Climate change can’t be directly blamed for any single extreme weather event, including Hurricane Maria, California’s wildfires or Australia’s bushfires. But it makes such events more likely. “They are starting to be more than tail events, they’re starting to affect economic outcomes,” Robert Kaplan, president of the Federal Reserve Bank of Dallas, told an economic conference earlier this month.

Read More [[link removed]] When it Comes To California Environmental Review, Legislation Is Better Than Lawsuits

As a member of the California Senate Natural Resources and Water Committee and a former chair of the San Joaquin River Conservancy, I have a deep appreciation for California’s public lands and natural resources. California is unique in its geographic wonders and devotion to natural resource protection. Visitors from all over the globe flock to California to bear witness to the towering forests in the Sierras, the warm beaches of the coast, the vineyards of wine country and the inland desert lands. I am honored to represent a district that encompasses many treasured public lands, including three national parks.

Originally passed in 1970 and signed by then Gov. Ronald Reagan, the California Environmental Quality Act was a legislative attempt to provide guardrails for new development projects in effort to protect the state’s natural resources.

Unfortunately, CEQA has morphed into a legal weapon for lawyers and activist groups to stall essential projects and infrastructure. The pattern is well established. For example, if Group X opposes Group Y’s project and files suit under CEQA, developers are frequently coerced into paying financial concessions bound for pockets often unrelated to the underlying project. This leaves room for trial attorneys and special interest groups to use CEQA as an environmental sword rather than a shield to extract concessions from affordable housing developers, hurting underserved communities in all regions of California. If the Legislature wishes to tackle challenges such as income inequality and affordable housing, then CEQA abuse must end.

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