Current Events > California has no peers in the United States. It's in a league of its own.

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ZannoL
06/30/21 9:41:02 PM
#1:


Are you surprised at the Golden State's success? Some people were speculating it would fail. It did the complete opposite.


https://www.bloomberg.com/opinion/articles/2021-06-14/california-defies-doom-with-no-1-u-s-economy

When misfortunes multiplied during the coronavirus pandemic, observers seized on a four-letter word signaling end of days for the largest state with one-eighth the U.S. population and 14% of its gross domestic product. California doom: Staggering $54 billion deficit looms, the Associated Press concluded a year ago in May. California Is Doomed, declared Business Insider two months earlier. Is California doomed to keep burning? queried the New Republic in October. California is Doomed because of rising sea levels, according to an April EcoNews Report. Bulletins of people leaving the worlds fifth-biggest economyfor lower-cost states because of high taxes and too much regulation stifling business continue unabated.

No one anticipated the latest data readout showing the 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 Newsoms 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 Californias operating budget surplus, fueled by its surging economy and capital gains taxes, swelled to a record $75 billion.

If anything, Covid-19 accelerated Californias 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.

While pundits have long insisted California policies are bad for business, reality belies them. In a sign of investor demand, the weight of California companies in the benchmark S&P 500 Index increased 3 percentage points since a year ago, the most among all states, according to data compiled by Bloomberg. Faith in California credit was similarly superlative, with the weight of corporate bonds sold by companies based in the state rising the most among all states, to 12.5 percentage points from 11.7 percentage points, according to the Bloomberg Barclays U.S. Corporate Bond Index. Translation: Investors had the greatest confidence in California companies during the pandemic.

The most trusted measure of economic strength says California is the world-beater among democracies. The states gross domestic product increased 21% during the past five years, dwarfing No. 2 New York (14%) and No. 3 Texas (12%), according to data compiled by Bloomberg. The gains added $530 billion to the Golden State, 30% more than the increase for New York and Texas combined and equivalent to the entire economy of Sweden. Among the five largest economies, California outperforms the U.S., Japan and Germany with a growth rate exceeded only by China.

Enlarging its No. 1 footprint with factory jobs, California GDP from manufacturing gained 13% over the past five years to $316 billion in 2020, an increase unmatched by any of the 10 largest manufacturing states: Texas was No. 2 with 9% growth, followed by Indiana at 8%, according to data compiled by Bloomberg. For all its bluster as being best for business, Texas cant match Californias innovation. California prosperity is rooted in its appeal as a worldwide destination for technology and health-care development. Of the 6,924 corporate locations in the state, 18% are research and development facilities, a ratio that easily beats the U.S. overall (11%), China (15%), U.K. (14%) and Japan (10%). Only Germany, at 19%, has a higher rate, according to data compiled by Bloomberg. The percentage of Texas facilities for R&D is less than half Californias at 8.2%.

Goddamn.
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ZannoL
06/30/21 9:42:09 PM
#2:


This is crazy:

Among the five largest economies, California outperforms the U.S., Japan and Germany with a growth rate exceeded only by China.

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Awards
06/30/21 9:47:38 PM
#3:


My gfs family is from California, visiting there this week with her. My first time
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Garlands_Soul
06/30/21 9:49:25 PM
#4:


I'm going there for a festival next year. I feel like I'll enjoy it

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ZannoL
06/30/21 9:49:51 PM
#5:


Awards posted...
My gfs family is from California, visiting there this week with her. My first time
Where at? I live in San Jose. I cant imagine living anywhere else.
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ZannoL
06/30/21 9:50:01 PM
#6:


Garlands_Soul posted...
I'm going there for a festival next year. I feel like I'll enjoy it

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BloodMoon7
06/30/21 9:50:14 PM
#7:


As a Californian, hearing all this shit about California is hella weird. Sometimes I wonder if I actually live in California or if I'm just pulling a UR on myself.

Oh no what if I'm actually in London right now. Help!

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Dark_SilverX
06/30/21 9:50:34 PM
#8:




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don't compare games to feces -- if you've an opinion worth mentioning, do so civilly
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ZannoL
06/30/21 9:51:29 PM
#9:


Dark_SilverX posted...
He did a great job for sure.

Hilarious how screaming MAGA Californians thought they could run him out.
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What_
06/30/21 9:52:12 PM
#10:


Awards posted...
My gfs family is from California, visiting there this week with her. My first time
Enjoy! Let us know if you need any recs?
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yunalenne10
06/30/21 9:54:04 PM
#11:


Yeah, Newsom is pretty great.

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"The more beautiful and pure a thing is, the more satisfying it is to corrupt it." - Rule 43
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#12
Post #12 was unavailable or deleted.
Opisseus
06/30/21 9:55:50 PM
#13:


Seems nice. Too bad no one can afford to live there

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yunalenne10
06/30/21 9:56:26 PM
#14:


Opisseus posted...
Seems nice. Too bad no one can afford to live there

Very carefully.

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"The more beautiful and pure a thing is, the more satisfying it is to corrupt it." - Rule 43
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Dark_SilverX
06/30/21 9:56:50 PM
#15:


Spooking posted...
157,000 homeless and growing in Cali.
as long as you are homeless in Cali, there is no other place like heaven

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Opisseus
06/30/21 9:57:02 PM
#16:


yunalenne10 posted...
Very carefully.
You literally own and rent out property, do you not?

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Hairistotle. Mike is fine too
He/him
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ThePrinceFish
06/30/21 9:57:51 PM
#17:


Spooking posted...
157,000 homeless and growing in Cali.
yeah but silicon valley's gdp tho

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ThePhantomMedic
06/30/21 9:58:28 PM
#18:


rednecks seething RN
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yunalenne10
06/30/21 9:59:47 PM
#19:


Opisseus posted...
You literally own and rent out property, do you not?

Yes, I do.

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"The more beautiful and pure a thing is, the more satisfying it is to corrupt it." - Rule 43
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Umbreon
06/30/21 10:01:42 PM
#20:


But redcaps tell me that people are fleeing California to go to Texas!

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MaddenDude--
06/30/21 10:09:21 PM
#21:


I wish the state would invest a large chunk of that money into the market and invest it in small businesses.

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I am Dan_Haren
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ZannoL
06/30/21 11:19:52 PM
#22:


Bump
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Shezarr
06/30/21 11:21:07 PM
#23:


Aside from property and rent prices it's by far the best place in the country.

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The artist formerly known as RebelElite791
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TheVipaGTS
06/30/21 11:22:07 PM
#24:


Nah man, im constantly told by people here who have never been to california that its terrible and the worst state in the entire universe.

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DeathDeathSong
06/30/21 11:24:24 PM
#25:


i unironically love being californian, bitches get so mad jealous of us and i kind of love it

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TerraSeeker
06/30/21 11:35:04 PM
#26:


You have to ignore the people at the bottom to think it's good.

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Your words are as empty as your soul
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Zeeak4444
06/30/21 11:40:38 PM
#27:


TerraSeeker posted...
You have to ignore the people at the bottom to think it's good.

so, like, the whole USA in general?

Lmao, what a big brain take.

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ZannoL
07/01/21 12:13:42 AM
#28:



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Irony
07/01/21 12:14:09 AM
#29:


Needs to be taxed more

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I am Mogar, God of Irony and The Devourer of Topics.
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RickyTheBAWSE
07/01/21 12:15:53 AM
#30:


the Peerless State has a lot of haters that can be easily disregarded
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cawmaster5
07/01/21 12:17:25 AM
#31:


this can't be right. all i see is boomers complain about commiefornia going down the drain

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marthsheretoo
07/01/21 12:19:23 AM
#32:


ZannoL posted...
Where at? I live in San Jose. I cant imagine living anywhere else.

I'm in Santa Clara and there's nowhere I'd rather be.

Except Palo Alto.

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Graycap
07/01/21 12:22:44 AM
#34:


Old. Someone made this topic weeks ago when that article was posted.
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iPhone_7
07/01/21 12:28:29 AM
#35:


Im sure the homeless & lower class are happy to hear that the economy is booming.

Every time I hear the news going on & on about what a great day it was on Wall Street that it brightens up my minimum wage day.

The feeling of wealth & prosperity, it just trickles down.

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Lordgold666
07/01/21 12:48:07 AM
#36:


Lol

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I4NRulez
07/01/21 12:51:27 AM
#37:


iPhone_7 posted...
Im sure the homeless & lower class are happy to hear that the economy is booming.

I mean where my mom is from in Lousiana its being ripped apart by drugs, covid, and unemployment. Every place has its sort of problems.

but I hope they still figure out the rent problem. I dont wanna be priced out of my neighborhood

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dj1200
07/01/21 12:57:28 AM
#38:


I live in and love the Bay Area.

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-Virtual Energies
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Bishop9800
07/01/21 12:58:37 AM
#39:


DeathDeathSong posted...
i unironically love being californian, bitches get so mad jealous of us and i kind of love it


AMEN!!!!

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There are enough attention whores on CE as it is.
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Bishop9800
07/01/21 12:59:02 AM
#40:


dj1200 posted...
I live in and love the Bay Area.


DITTO!!!

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There are enough attention whores on CE as it is.
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I4NRulez
07/01/21 1:00:35 AM
#41:


dj1200 posted...
I live in and love the Bay Area.

I'm going to San Fran again for my birthday in October :)

---
The night brims with defiled scum,and is permeated by their rotten stench.
Just think. Now you're all set to hunt and kill to your heart's content.
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ZannoL
07/01/21 9:10:23 AM
#42:


I4NRulez posted...
I'm going to San Fran again for my birthday in October :)

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RedJackson
07/01/21 9:13:43 AM
#43:


Id love to live there, but I also dont think Id stick around much for the happy happy culture they got there

You learn to accept your inner asshole living on the East Coast and the nuances and layers of assholery possible and Id never trade that for anything in this world >_>

I cant imagine living in a world where hey fuck face wasnt a common greeting amongst people

the Big Sur is still calling me tho @_@

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ZannoL
07/01/21 9:16:25 AM
#44:


RedJackson posted...
You learn to accept your inner asshole living on the East Coast and the nuances and layers of assholery possible and Id never trade that for anything in this world >_>

I cant imagine living in a world where hey fuck face wasnt a common greeting amongst people
Yeah. The vibe is very different here.

When I lived in the east coast as a kid it was all about the hustle and bustle. Over here people are more chill.
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ZannoL
07/01/21 9:30:25 AM
#45:


marthsheretoo posted...
I'm in Santa Clara and there's nowhere I'd rather be.

Except Palo Alto.
Santa Clara is nice. So is Palo Alto.
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TheVipaGTS
07/01/21 9:35:35 AM
#46:


Santa Clara is nicer now that the stadium has caused it to boom. But I cant really talk because Im in the valley near Stockton -_-

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Ardbert
07/01/21 9:36:16 AM
#47:


is it true you can take a dump in the middle of the street in Cali and not get in trouble?

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Sariana21
07/01/21 9:39:52 AM
#48:


Hello to all my Bay Area peeps!

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Sari, Mom to DS (07/04) and DD (01/08); Pronouns: she/her/hers
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ZannoL
07/01/21 10:22:19 AM
#49:


TheVipaGTS posted...
Im in the valley near Stockton -_-
@TheVipaGTS Whats it like? Ive passed though that area but never visited.
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ScazarMeltex
07/01/21 10:38:17 AM
#50:


Now just imagine how well it could do if it didn't have to give away a huge portion of it's to subsidize shitty former confederate states.

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WingsOfGood
07/01/21 10:44:02 AM
#51:


Isn't most of that household income increase consolidated in Jeff Bezos and Elon Musks households?
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