California is neither broke nor bankrupt, as some would have us believe.
California’s GDP eclipses all of the other 49 states and ranks 6th to 8th on the world economic stage, were it a separate nation. What the naysayers forget is the stupendous wealth that is California.
Abundant natural resources; manifested in agriculture; education; life sciences; genetic research; computer science; Aerospace & defense industries; superb water management; cutting edge advances in assimilation of Hispanic émigrés…the list is long.
California’s financial quandary is not a result of asset depletion – it’s a failure of the California Legislature to apply a workable tax code. This state mismanagement of their fiscal duty began with Proposition 13, and became a fixture with the election of Ronald Reagan – some say the worst governor the state ever suffered.
No – The Golden State is not broke, but the state government is. Fix Sacramento and the rest will follow. Easy.