Basically, it’s like Russia. Russia’s GDP is pretty large, because it’s a large and populous country. However, the wealth is only in the hands of a few and the economy is pretty hollowed out in reality. Big numbers do not mean well-living for the majority of the population.
Now that the feds are not going to fund the expensive hobby of care and pampering illegals, what will that do to California’s economy? Will increasing state and local debt still count as a raise?
They wouldn’t be if the rest of the Nation stopped subsidizing their waste and they had to pay for it themselves.
And first largest cesspool
And yet Japan is a lot cleaner than California.
Quite.
GDP. Hmm.
Two Harvard economists are walking down the sidewalk and come upon a pile of dog crap. One says “Hey, I’ll give you $100 if you eat that”. Other says “I don’t know, but $100 is $100”; and he eats it, and staggers on.
They keep going and come upon another big steaming pile. The queasy economist tells his partner “Hey I’ll give you $100 if you eat that!” “Well I could use $100”, and he chows down.
They keep going, about to vomit. “I don’t feel so good; we both ate dog crap and neither of us made any gains.”
“Well look on the positive economic numbers; we addded $200 to California’s GDP.”
So they need a bailout?
Re: California and pie in the sky “Green energy” subsidies.
This is instructive.
https://x.com/RobertMSterling/status/1916661854149001614
Great, they should break off and form their own country, leave the rest of us alone.
Not true based on purchasing power index. Big Mac sells for $6 in CA and adds $6 to economic GDP. Same burger sells for $2 in Vietnam and adds $2 to it’s GDP. A new house in CA costs much more than same size house in Arkansas.
That is why dollar based comparisons are fake news.
“The International Monetary Fund BELIEVES California’s nominal GDP is $4.1 trillion, surpassing Japan’s $4.01 trillion.”
SEE THAT? Pure propaganda.
20% of Japan makes stuff.
California is an “air ball” of paper castles, but does grow people food.
World’s fourth-largest economy and still can’t pay it’s debts begging the feds for nearly money for everything.
Panhandling the feds is the only thing keeping the state going.
Drugs are not cheap!
Fourth largest economy and is bankrupt.
Not for long as Texas (54) will eclipse Cali in the very near future. Most likely Gruesome Newsome trying to look good for the upcoming 2028 election... LOL.
Apple, Google, Facebook, Nvidia, etc., have created a staggering amount of wealth. The beneficiaries of this wealth are willing to pay a premium, essentially tribute money, for the privilege of living there. Their wealth also shields them from much of the crime and dysfunction in the state.
"California Becomes World’s Fourth Largest Economy"
Given unconstitutional federal domestic and foreign spending and debt for decades imo, I question largest economy statistics.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
“If the tax be not proposed for the common defence, or general welfare, but for other objects, wholly extraneous, (as for instance, for propagating Mahometanism among the Turks, or giving aids and subsidies to a foreign nation, to build palaces for its kings, or erect monuments to its heroes,) it would be wholly indefensible upon constitutional principles [emphases added].” — Justice Joseph Story, Commentaries on the Constitution 2 (1833).
The 16th Amendment (direct taxes) is the pot of gold at the end of the rainbow for organized crime imo, and needs to be repealed along with the 17th Amendment, popular voting for federal senators.
We'll call the repeal amendment Trump's Boston Tea Party II Amendment.
As more and more businesses flee the state or just shut down, this will rapidly drop and I mean quickly. 2 refineries are shutting down as we speak and I expect more to follow as CA has banned gas cars in a few years.