CITY SUMMIT 2010: Governor Schwarzenegger talks on budget, and fighting against new taxes
Annual Event Hosted by the San Francisco Chamber of Commerce Highlighted Economic Recovery, Job Creation and "What's Next" for the City's Most Vibrant Industries
SAN FRANCISCO - Governor Arnold Schwarzenegger today joined nearly 400 thought leaders from leading Bay Area companies to discuss the state budget and economic resurgence at the 6th annual CitySummit hosted by the San Francisco Chamber of Commerce. This year's event focused on the city's recovery trajectory and the conditions needed to sustain it into the future. Attendees heard from Governor Schwarzenegger, San Francisco's Chief Economist Ted Egan and top executives from companies including: AT&T, JPMorgan Chase, IBM, Microsoft, PG&E, Salesforce.com, Zynga and others.
"We happen to live in the greatest state in the world, but we are not as competitive as we should be," said California Governor Arnold Schwarzenegger. "While the legislature is talking about raising taxes, I'm here today saying no - let's create more jobs. Yes we have an economic crisis, but let us look internally to create extra revenue by running government more efficiently. We can create revenue by stimulating the economy."
According to San Francisco Chief Economist Ted Egan, the city has done better in terms of job loss than the rest of the state, but is still not showing sustainable job growth or signs of true recovery. Egan also highlighted trends in venture capital investment and San Francisco's competitive advantages in supporting growing industries such as software, Internet publishing, IT services, biotech, green jobs and others.
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