Posted on 07/15/2017 6:07:49 AM PDT by Mariner
Frustrated about unaffordable housing or clogged freeways? Think of it as the price you pay for living in one of the world’s largest economies.
California’s economy ranked sixth in the world in 2016, according to rankings released by Palo Alto economist Stephen Levy on Friday. That’s the same as the year before, when California overtook France and Brazil. But the state’s economy isn’t stagnating; California’s economy is growing so quickly that Levy thinks the state will overtake the United Kingdom this year for No. 5.
Levy, head of the Center for Continuing Study of the California Economy, said the rankings are evidence of the state’s vigor in the aftermath of the recession. As recently as 2010, the state had fallen to 10th in the rankings and some policymakers were wondering, “Are we losing our mojo?” Levy said.
More broadly, he said the rankings show the state is prospering despite a host of problems.
“It does say we’re doing well,” he said. “It does say that despite the housing, despite the transportation challenges and despite the air quality, we’re kicking (butt).”
Although there have been signs recently that the state’s growth rate is slowing, California’s unemployment rate fell to 4.7 percent in May, the lowest in nearly 17 years. The June figures will be released next week.
Levy calculated the numbers from World Bank estimates released earlier this month and the U.S. Bureau of Economic Analysis, which breaks down state-by-state economic output. The U.K.’s economy totaled $2.62 trillion, with California at $2.60 trillion.
(Excerpt) Read more at sacbee.com ...
The weather is and will always be fantastic but I think we here in California are pushing her luck pretty hard.
the software industry is fairly more mobile than, say, smelting steel or stamping out car parts: those Industries are much harder to relocate so state government can extort them rather more easily.
I think if we keep piling on the high tax and lavishing Invaders with benefits When push comes to shove we might suddenly find here in California that all the computer companies go somewhere else.
The thing that anchors such workers to California are basically desks, computer profiles, mortgages and the kids schooling.
They could pick up a naked leave, sure.
The part that really amazes me is the blase attitude of the authorities towards the rickety power infrastructure.
One thing those rich companies cannot do without is electricity, yet the state government is playing hard and loose with those things.
What if we had a bunch of riots and then a string of brown outs..? I don’t think those companies would stay here.
In 1775, England had the strongest economy in the history of mankind. That didn’t stop a bunch of colonists here in North America from deciding to throw them the hell out.
After California secedes it would be an internal political fight to create a new break away state. Not the USA’s problem. Best advice for someone calling themselves a Conservative living in CA. Leave now. It isn’t worth the nice weather.
It’s the Sac of Crap Bee . .sure it’s going to rah-rah blue California.
What once was the Greatest Place on Earth has now been reduced to a place most people wouldn’t live
Ask any HR person about doing biz in Cali and they will laugh and SMH. It’s a disaster waiting to happen, with or without San Andreas.
Cut out the federal funds and let California support one third of the US welfare load on its own, cut off power coming into the state and see what happens. It’s always a convenient way to make the accounting books look good when you take money from different pockets. California makes Enron accounting look good.
A huge amount of California’s water comes from rivers from other states.
California has nearly $300 Billion (1.3 trillion) in unfunded pension liabilities.
Their economy is self-sustaining. There is enough economic diversity and a large enough population to create synergy - like a hurricane feeding on itself.
But slowly but surely as it kicks the props out from under itself and business ans high-income individuals flee it will be more like Illinois very soon. One need only look at Connecticut to see what happens when wealth flees.
Let’s see what things look like in a couple of years when the new taxes (just in gasoline: an additional 12 cents starting November rising to 19.5 cents by 2020) kick in and capital flees.
>>California has nearly $300 Billion (1.3 trillion) in unfunded pension liabilities.
<<
300 billion is 1/3 not 1.2 trillion, dumb@ass! Learn your keyboard!
..the wheels are coming off in CA. Honest analysis of the facts proves it. Lord willing we will be leaving soon...
Interesting. I had read that it is 900B+ somewhere.
> Learn your keyboard! <
Don’t be so hard on yourself. The Russians probably hacked your keyboard.
When half your ecomomy is based on illegal aliens, tax free labor, and below minimum wages, what possibly could go wrong?
Another New York poster throwing shade on California.
Considering all the libtards from NY who came to
Cali and spoiled it you guys should just stfu. In
addition you are ignorant when it comes to California
agriculture water sources.
Is CA doing so well because of their management style or in spite of it?
>>Interesting. I had read that it is 900B+ somewhere.<<
I did some searches — it could be projections vs. now or just different assumptions.
Either way it is a HUGE pension liability and there will come a time in the near future where they can’t kick that can down the road any more.
Very soon. And the economics of the state are going to implode.
Here's how it compares to California in GDP:
Russian GDP is also smaller than the states of Texas and NY.(and even South Korea)
>>Is CA doing so well because of their management style or in spite of it?<<
Because of the weather and the natural resources. Trust me it is a hard adjustment to leave it — I loved there for over 50 years and am now in Texas.
I miss the weather and the access to the beach and mountains and so many other physical things daily — sometimes it is painful.
So the very rich just take the hit, figure out how to pass it on the hoi polloi, and move on. The mass of very poor just look for more welfare benefits and pay the massive regressive sales taxes — which they get back from the increased welfare.
And round and round it goes — FOR NOW. But that cycle has loss built into it and soon California will join Ill, PR and CT in massive economic problems.
The more I hear (I still listen to Los Angeles radio since radio everywhere else is so awful) the more I am glad I moved away from those insane people.
California now 5th largest economy. England now 6th. Whatever a person can say about Cali; take a look at England! A Socialist sink hole. The standard of Living in England is only better than Mississippi of the USA. Some how being better than 2017 England is sort of a sad comparison.
Yeah, were it not for kids, grand kids and other roots, I’d be out of here too.
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