Nigga what are you on about? California has BY FAR the laegest economy of all 50 states. By a preposterous margin.
How did they finance that economy?
California has bunch public and private debt coming due.
A lot of "wealth"i s tied up in uninsured unsalable real estate. A lot of that wealth is paper/e wealth that isn't real cash flow touching the everyday citizens hands.
It a big house of cards waiting to crumble. They are over inflated much like Japan in the 90s.
Movie industry is gone.
A lot of tech HQs have moved.
Aerospace is the only thing doing well out there.
Chicago is in the same boat with public debt.
I just came from the West Coast.
For a place so "wealthly" it shore looked like shit in the three states I traveled to.
LA is so nice that they actually have a "Skid Row" on an official city map.
Never seen no shit like that.
Skid Row on an official map.
You would figure a place so wealthly and providing out so much wealth for the rest of the country wouldn't have so much homelessness in so many public places.
But I guess California is so gotdamn rich the people can live in the streets in masses.
Must be fun. Until the bill comes due.
If the Federal funding formulas ever get changed from total population to citizen population then that place is totally fucked.
If California was a stock I would bet against it long term until it declares bankruptcy.