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You should read the entire article. Very impressive.
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That may be true, but, as a person who supported the stay-at-home measures at the time and to some degree still do, I do recognize there was a tradeoff. California's unemployment went from 3.9% in January 2020 to 8.3% in April 2021 (and probably was higher in between) while other states like Florida kept their unemployment constant. With all due respect, how does this factor into the analysis? Did stimulus spending and unemployment checks offset this problem?
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remind me again, how many congressmen did California pick up after the 2020 census?
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The high tech companies in Silicon Valley account for a whole lot of this and the rest of the state, people are tired of rising crime, increasing poverty and homelessness, and a dictatorial Governor who thinks he is God.
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U.S. News and World Report State Rankings....we are 24th....
Lot's more than just GDP that determines whether your state is good or it sucks.
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From fed money and biden just gave them almost 1b for the rail to no where
Also get ready for another gas tax hike july 1st. Oh yeah and newsome diverted a lot of funds from the gas tax that was supposed to go towards roads and infrastructure
Lotta BS in believing california is doing well
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Yes, we have some of the highest gas in the country and it will go up on 7/1....the stupid people who voted for that gas tax didn't read the fucking fine print that it can go up every year.
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Don't forget about the bullshit carbon offsets, 25% of that bullshit goes to the choo choo that will never be built.
Why in fuck is it so hard to kill this fucking boondoggle?
Unholy alliance between Union labor and the politicians that take their money.
Not to mention all the lying lobbyists and friends of Warden Newsome.
Oh yeah, almost forgot.
Mostly ass-holey is a tool.
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Just think what we could have been if our state government was even a little bit competent.
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I'd be good with just being on the EDD Xmas list
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With liberals leaving greener pastures........ to Texas/Florida/Arizona for Work and Home purchasing......it will make Red States
Purple............
Im at the point where I realize its not the federal government that impacts my life on the daily.
its the local/state laws that do............
its a tough nut to crack, to think of where to live -----other than CA
Especially outside of CA with a community of fine hobbyist like you guys 
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Did anyone actually read the originally linked article? Quantifiable comparisons were made across all states and that's how they measured California's economic performance.
Comparing the jobless rate, without taking everything in totality, means nothing. For example, Tennessee does have jobs available, but only 3% of jobs posted on Tennessee's state website offer more than $20,000 per year! See the linked article.
My point: California is kicking ass economically. We still have issues, obviously, but compared to other states, California is easily # 1. When compared to all of the world's economies in terms of GDP, California is # 5 just below Germany.
Here are some snippets from the article:
[T]he Golden State has no peers among developed economies for expanding GDP, creating jobs, raising household income, manufacturing growth, investment in innovation, producing clean energy and unprecedented wealth through its stocks and bonds. All of which underlines Governor Gavin Newsom's announcement last month of the biggest state tax rebate in American history.
By adding 1.3 million people to its non-farm payrolls since April last year -- equal to the entire workforce of Nevada -- California easily surpassed also-rans Texas and New York. At the same time, California household income increased $164 billion, almost as much as Texas, Florida and Pennsylvania combined, according to data compiled by Bloomberg. No wonder California's operating budget surplus, fueled by its surging economy and capital gains taxes, swelled to a record $75 billion.
If anything, Covid-19 accelerated California's record productivity. Quarterly revenue per employee of the publicly-traded companies based in the state climbed to an all-time high of $1.5 million in May, 63% greater than its similar milestone a decade ago, according to data compiled by Bloomberg. The rest of the U.S. was nothing special, with productivity among those members of the Russell 3000 Index, which is made up of both large and small companies, little changed during the past 10 years.
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@Granite
Breaking a self-imposed sabbatical doesn’t make me a despicable liar, you dim-witted infant.
So you’re suggesting that the biggest economy in the United States and the 5th biggest in the world can practically run itself? Do you even believe your bullshit?
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We can always measure a Countries economy by the #1 G.D.P
which is Hospitality/Tourism (Trillion Dollar Industry)
thats the only fact I know.
With that being said.
The Pandemic definately impacted our #1 GDP
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I do NOT disagree that Calif has the largest GDP of all states.
It has been that way basically forever.....Calif GDP if it were a country would be in the top 10.
So Calif already started from a position of strength.
Now here we are today.......
1. Unemployment rates b/c of a FLU virus went into double digits....
2. People are leaving the state in DROVES. A rental truck leaving the state costs a lot....if a person rents one to come to Calif they are giving them away.
And btw its the WEALTHY that are leaving.....the TAX base. This will have affects in near future....just like in NYC.
3. Dem run cities...San Fran....LA....and even recently San Diego are now tipped over the edge. When a city (San Fran) has an App that tells you where there is feces and used needles on the streets you have a problem. This is tip of ice berg.
4. Expensive to live here. PERIOD.
Highest tax rate in US...thats right we are even higher than New York......
5. With NEW census Calif did lose Congress seat...do not remember how many.
6. Illegals....
Calif spends 22 BILLION per year for all illegals in this state. Yup we are #1.
Shall I go on......
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The point of starting this blog is to show that California is doing exceptionally well across multiple financial metrics.
To address the last comment:
Rich people love California and are not leaving, but they will often change their domicile so that they pay less income tax elsewhere while maintaining homes and spending billions here. Jeff Bezos paid $165 million for a Beverly Hills mansion in February 2020, and you won't believe the number of mansions that have sold for over $20 million recently. California real estate is still very hot and the most expensive in the country.
If the border is closed it will actually hurt California's economy because citizens aren't willing to do the hard work and be paid shit for it. Assuming that $22 billion figure spent on illegal immigrants is a real figure, I'm sure you're not surprised that illegal immigrant's "labor is worth more than $180 billion a year to California's economy." See linked article. Don't quote the cost without also mentioning the benefit.
California's movie industry probably accounts for a significant amount of the unemployment because it was paralyzed by the pandemic. It's coming back very strongly now.
California lost seats in the Census because of Trump's manipulation of the Census by scaring illegal immigrants from responding. Both citizens and illegal immigrants must be counted.
Trump severely restricting legal immigration, which would have pushed California's population growth (not contraction); see the originally linked article.
California is obviously not perfect. I can't stand the homeless issue here, but that's been an issue for decades and won't be easily solved no matter how much money they throw at it. But compared to other states, California has no peer in a number of financial metrics.
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When do you plan on packing your bags Waterdisport22? Must be hard for such a snowflake to reside in such beautiful warm weather.
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Why would you count illegals. We are establishing our 'representation' based upon citizens, the voters or potential eligible voters in the country. Just because someone is living within our borders does not mean they should be counted for House seats.
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Our cities are shitholes. Our freeways are filthy. More and more homeless drug addicts everywhere. Super high taxes. Imagine what we could be if we had competent people running the state.
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"California lost seats in the Census because of Trump's manipulation of the Census by scaring illegal immigrants from responding. Both citizens and illegal immigrants must be counted."
MA
As usual, some of what you say is true
Then you throw in some of the dumbest comments on the site
Trump scared the illegals
They didn't get counted
CA lost a seat
Is there some minimum number of stupid posts you need to make to be in the Moron Club?
You've already earned a lifetime membership
So, please just tell yourself no, when you get the urge to post
Or, just go take a big shit
Same thing
Where the fuck are the TOS police when this imbecile threw out the reference to offspring?
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@GBD
It gets tiring dealing with posts like yours. By now you should know that I think that you're a sick, twisted fuck who subversively attacks almost everything. And that makes you a piece of shit.
It is clear that you're either too dumb to recognize the truth or you intentionally post misinformation just for shits and giggles.
It is common knowledge that Trump directed that the Census to ask the question whether the person was a citizen or not, which was not asked before. That was an obvious attempt to freak out anyone in this country who isn't a citizen, especially given Trump's stance against even legal immigration, so many undocumented immigrants decided not to respond to the Census altogether which fucked California. Here's a snippet from one of the linked articles:
"The move brings an apparent end to Trump's controversial attempt to erode the political power of immigrant communities. Excluding undocumented immigrants would have reduced the population counts in areas where foreign-born populations have traditionally settled - primarily Democrat-run cities - and therefore undermined their political power."
So why count undocumented immigrants in the Census:
"Not counting undocumented immigrants costs cities and states federal money, resulting in a reduction of services to all residents. The census count is used by Congress in deciding how to distribute more than $400 billion annually to state, local, and tribal governments. The formula is simple: the greater the population a state or city reports, the more federal money it might get."
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that last part/line sounds very familiar...shit, where have i heard that framework scenario???
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@ Granite
It gets tiring having to correct you all the time.
The issue with counting undocumented immigrants in that the census is used to apportion federal dollars going to states . If less undocumented immigrants are counted, less federal funds go to states and even citizens miss out on those dollars and the services those dollars provide.
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cuz california doesn't get enough govt cheese, right?
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OP: I just do what the rich people tell me to do
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@ Granite
Undocumented immigrants have been required to be counted since 1799. This is not a new policy.
Beyond that, a significant portion of California’s economy depends on undocumented immigrants. They do what citizens are unwilling to do, which is bad, grueling jobs for little pay. I am not arguing for open borders, but getting rid of them will also adversely affect this state and the country in general.
California contributes more money to the federal government than any other state, so receiving more of that money back for infrastructure is not unreasonable. Having more representation than other states is also not unreasonable given the population size and the disproportionate funds California contributes to the federal government.
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so let's see.
CA gets more $ from fed based on population.
Census tracks population whether legal or not.
CA has been loosing citizens - as shown by loss of congressional seat.
result - importing more low skill, low wage wetbacks.
productive people leaving the state & taking their taxable income to the new states.
Yeah, that's a good recipe for long term growth.
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Your civil response was met with a civil response. I prefer discussions over arguments.
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OP: This article was posted in the “Opinion” section of Blooomberg, not the general news reporting. Big difference. As a result, the author is out to make an opinionated point and use skewed data to make his pitch. When reading articles, make a note of this. The writer does this by mainly using macro data, which will always favor California looking like the land of milk & honey.
On the other hand, California still has some strong points, but in my opinion is directionally going downhill. It takes a long time to destroy an economy as large and diverse as CA’s. The more you look at median data and compare apples-to-apples, the worse it looks or the State. Macro data may be great, but it is ridiculous how expensive it is to live here and the answer is not for government to endlessly hand out free money. Any avg Joe can figure that out.
| Attached Pictures | | Bureau of Economic Analysis |  |
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@Candyman71
The author of that article is Matthew A. Winkler Editor-In-Chief Emeritus and co-founder of Bloomberg News. Not exactly your ordinary Op-Ed contributor, but your point is well-taken.
Please educate me on how the median data makes California look worse.
It is ridiculous how expensive it is to live in California, but is that necessarily bad for the State and local governments? Higher real estate prices means higher taxes collected; people can get away with finding loopholes to paying income taxes, but homeowners can't run away from paying property taxes.
The cost of living is a problem for the average citizen. That is offset by property value increases for home owners; renters are definitely getting screwed living in this state. But higher cost of living also means higher wages here than in other parts of the country. As I mentioned before, only 2% of the jobs currently listed in Tennessee are over $20,000.
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Fuck civility, lol
OP is an arrogant prick
Deal with that
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Seriously, dummy
I was born and raised here
Generally speaking, I like Cali
But, that's no reason to not try to improve it, amirite?
Woke Progs improve nothing
But they are good for target practice, lol
You'd have a much sunnier outlook
If you just removed that stick up ur butt
Y'know, as I've posted before
Just unclench your anus for a minute
And, stop with the wagging finger
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Don’t worry, GBD, I never take anything you write seriously. You’ve never really added any insight to any of the blogs you continually attempt to disrupt. Being constantly cheeky is just annoying.
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^ maybe this will help you understand a few things
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GIGO
SBMA
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Possible PEBKAC
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@ hercule
Actually, maybe this post will help you understand a few things:
Do you think California's government policy makers aren't aware of how California's tax rate compares to other states? What do you think will happen if California lowers income tax to zero, just like Texas, Florida and Tennessee?
Monetary policy is one of the tools that governments have to controlling a number of factors that they want controlled. Why decrease the State's income tax when you're trying to control unbridled population growth? The likelihood is that they want a higher income tax because there are already too many companies wanting to be located in California for a number of reasons, including the high caliber of the work force here, the amazing weather, the beneficial geographic trade routes/ports, etc.
And if California dropped the income tax to zero, the already ridiculously high demand for California real estate would skyrocket. To curb demand and to prevent overwhelming the State's resources, some roadblocks need to be put in place to prevent being inundated with migration to California from the rest of the country and the rest of the world.
To use another example, California has the most difficult bar exam in the country. The pass rate is 26.8%. Why would they make it so difficult for new law school grads and attorneys from other states to be licensed in California? Because there are 190,000 licensed attorneys in California and the demand to be a lawyer is so great that they need to curb the numbers or (1) many lawyers will be out of work and (2) they want only "higher quality" lawyers to practice in this state. So they adjust the difficulty of the exam to regulate exactly how many lawyers are able to practice in the state, factoring in attrition from retirement and death.
Also, I am not suggesting that Gavin Newsom (or any other governor) is able to do this all on his own. Newsom may make the final decisions, but he has economists on staff to help him achieve his policy goals. But beyond that, governments hire management consultants to give them guidance as well. If you followed the news over the past year, Gov. Cuomo keep on saying that "McKinsey & Company's reports suggest that we should do....to curb the deaths due to the pandemic." I dated a girl who was a Harvard Law and MIT business school grad who worked for McKinsey & Company; she used to call me from Brazil because she was part of a team who was hired to advise their government on how to handle their runaway inflation.
The role of our elected officials is to seek the best guidance possible to achieve their goals. California's high income tax rate is clearly intentional. If you end up leaving California, the likelihood is that that the State actually wanted people like you to leave or it was an acceptable consequence of their goals.
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By the way, the "how money walks" information would be helpful to companies who want to invest in real estate by predicting which areas will have increased demand. Buying real estate now in areas that have increased demand will almost invariably result in increased property values and higher rates in the future. Also, selling real estate in areas with reduced demand is also prudent.
There isn't enough housing in California (Los Angeles for sure), so people leaving the state wouldn't affect real estate prices here until demand diminishes. Once that happens, governments here would then offer incentives to companies (such as tax breaks) to increase hiring, which increases migration to the state.
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only on my first cup of coffee...WHAT would be an example of the type of person, the top brass in calif would WANT someone to LEAVE by tweaking tax rates or policies
acceptable is always good
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Economist Leo Feler from UCLA’s Anderson School of Management.predicts 1. U.S. is on the verge of the greatest financial rebound in generations, and 2. California is going to do even better.
“For the economy, a waning pandemic combined with fiscal relief means a strong year of growth in 2021—one of the strongest years of growth in the last 60 years—followed by sustained higher growth rates in 2022 and 2023,” Anderson senior economist Leo Feler predicts in the school’s quarterly economic outlook, released Wednesday.
"The economists expect California’s unemployment rate to drop to 7.7 percent in the first quarter of 2021 and to 6.8 percent for the rest of the year, followed by rates of 5.1 percent in 2022 and 4.1 percent in 2023—though these number still trail the pre-pandemic rate of 3.9 percent."
I'm not an economist so I have no idea, but I like the optimism. Let's hope he's right.
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Unemployment rate here was 9% in January and 7.9% in May...Hopefully opening up will help....
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"only on my first cup of coffee...WHAT would be an example of the type of person, the top brass in calif would WANT someone to LEAVE by tweaking tax rates or policies
acceptable is always good "
@ ISOS
Of everything I wrote, that's your only comment?
For one, when homeowners sell to leave the state, property taxes are adjusted to current market values and that increases the amount local governments receive in property taxes.
People who can't afford (or are unwilling to pay) the higher living costs here are replaced by people who can pay the higher living costs. Those people tend to have higher incomes and that results in more spending, which results in more sales tax collected.
And as Night-Rider posted, there is going to be a crazy boom economy in the U.S. and California. The "Roaring 20's" was a direct result of the 1918 pandemic, so expect a similar time over the next several years.
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Anecdotally California economy is still fucked. The 100 or so businesses that I work with on a regular basis are barely hanging on with the sole exception of grocery stores.
Restaurants can't get people to come back to work or can they find replacement employees.
Construction is slowing down due to construction costs and subcontractors that are locked into contracts are shitting bricks because the cost of materials has outstripped the profit they had built into their bids.
Apartment owners, mostly in low or moderate income neighborhoods are taking huge losses.
The entertainment industry is still running at half speed so people are making about half what they did pre-pandemic and/or half are still looking for their jobs to come back.
DJ's are fucked.
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@ straightman
Most of those I interact with made a killing over the past 18 months. Unfortunately, the people who suffered the most during the pandemic were those who hold lower paying jobs.
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Bottom line: California's economy is doing incredibly well and is poised to do even better over the next several years.
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