I have a hard time believing this.
California (the state itself) is broke, yet somehow continues to spend more and more and more. (I’m guessing this is because of Federal grants.)
On the other side, California has one of the most hostile business environments in the country. Even Hollywood is fleeing the giant taxes.
I think the booming California economy is just a myth.
If a company is big and politically connected, the effects of that are greatly mitigated. It's only the smaller companies that get crushed. Crony corporatism at its finest.