Walters: California's lagging economy hinders efforts to close budget deficit

California's economy is facing challenges with 200,000 fewer people in the labor force, 500,000 fewer employed, and 200,000 more unemployed compared to pre-pandemic levels.

The state's unemployment rate of 5.3% is the highest in the nation, and the underemployment rate stands at 9.5%, indicating an economy not operating at full capacity.

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