Long Beach Business Journal Year In Review
December 27th, 2012 – The Long Beach Business Journal “Year In Review” spotlights the top newsmakers, news stories and photos of 2012, plus a look ahead to what local issues we’ll be watching closely in 2013. The seven-part series began December 24 and concludes January 1. Let us know what you think should or should not have made the lists.
• President Obama is re-elected to a second term having campaigned on higher taxes for those earning $250,000 or more.
• The "Fiscal Cliff" takes center stage after the election, with Democrats and Republicans maneuvering to find compromise as tax cuts set to expire and automatic spending cuts are set to occur.
• Hurricane Sandy matches all predictions about its potential for devastation when it slams the eastern seaboard in October, causing massive flooding and leaving those in its wake without power for weeks.
• America's recent boom in oil and natural gas development makes it poised to become energy independent in the 2020s.
• Marijuana is legalized for recreational use in Colorado and Washington despite a federal ban, signaling a new front in the drug war.
• Gen. David Patraeus resigns as head of the CIA after admitting to an extramarital affair that was first uncovered by the FBI.
• The Supreme Court affirms the constitutionality of Obamacare by calling the individual mandate a legitimate tax, with conservative Chief Justice John Roberts casting the deciding vote.
• Mass shootings in 2012, including at a Sikh Temple in Wisconsin, at a movie theater in Colorado and elementary school in Connecticut, horrify a nation and reframe the political debate about mental health and gun control.
• Facebook held its initial public offering (IPO) in May, an event that confused and possibly offended Wall Street with the over-priced stock trading down.
• Unemployment falls below 8 percent to its lowest level since December 2008, but the change stems in part from the fact that more Americans stopped looking for work and no longer are counted as jobless.