Written by by Katy Grimes at californiaglobe.com
California Governor Gavin Newsom is on a public relations campaign, hawking his state as the Greatest Of All Time – in everything.
While California’s natural beauty remains, and once used to be the land of opportunity, the Golden State has some very noticeable tarnish as well. If the California media actually reported the economic facts, Gov. Newsom might be forced to limit his PR campaign to tourism, instead of claiming everything is coming up roses.
Context is needed, even as Gov. Newsom sings California’s praises from the top of the Golden Gate Bridge in this cool video:
As a California native, I know just how beautiful so much of California is – all 164,000 square miles of it.
But, we do have some serious issues, which are impacting the state’s economy – and this article is not about California’s high crime and serial theft crisis, or the homeless crisis.
“High income inequality in California coincides with high levels of poverty and stagnant upward mobility,” the Public Policy Institute of California reported in January. That is our reality, and is the result of poor public policy.
Gov. Newsom claims California:
has the most equitable tax system in the entire country (WTH?),
is #1 in the nation for new business starts (but IPOs are down),
#1 for access to venture capital funding, and
the #1 state for tourism spending, manufacturing, high-tech, and agriculture.”
and
California remains the 5th largest economy in the world for the seventh consecutive year, with a nominal GDP of nearly $3.9 trillion in 2023 and a growth rate of 6.1%
Let’s get one thing straight – California’s income, sales, and gas taxes are among the highest in the nation. It is this tax burden which has caused people and businesses to leave the state.
So while California remains the 5th largest economy in the world, California also is home to 1/3 of the nation’s welfare recipients – the highest in the country: