The economic outlook for California retailers and manufacturers is taking a steep dive.
The latest blow came when Gov. Arnold Schwarzenegger declared a fiscal emergency on Monday, predicting that the state would go broke by February or March unless the legislature approves higher taxes, including a 1.5 percent increase in the sales levy to 8.75 percent for three years, and makes deep cuts in public services to reduce spending. The governor’s declaration mandates that lawmakers break their political gridlock and act within 45 days to close an expected $11.2 billion shortfall — or face a potential standstill in state government. The deficit could balloon to $28 billion by mid-2010.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"