Numbers: California economy is not really all that

Numbers: California economy is not really all that

[Ed. – Hard to pick the most telling excerpts among all the numbers that are bad.]

Not so fast, says Carson Bruno in Real Clear Markets.  Adjust for cost of living, which is 36% higher than the national average, and California comes out behind Mexico…

A full 50% of the California economic growth miracle comes from a few dozen Silicon Valley firms – think Apple, Google, Facebook.  It’s a banana republic of high tech.

[A]s economic blogger Richard Rider points out, the aggregate GDP statistic is really not a good indicator of a state’s economic health, especially since one industry appears to be propping up the “6thlargest economy” myth. California has over 39 million people, more than any other state, so a far more accurate assessment of its economy, Rider writes, would be per capita GDP as compared to the rest of the country. After adjusting the GDP figures to account for the cost of living (COL), the Golden State ends up with a paltry 37th place ranking within the U.S.A., with a $45,696 per capital GDP. …

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Lastly, while California has the biggest unadjusted GDP among the states, it is also earns another distinction: the highest poverty rate in the nation. …

The California economy is big, and its taxes are astronomical, yet the government is still hugely in debt.

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