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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Land Shark who wrote (1038130)	11/11/2017 11:50:58 AM
From: longnshort	2 Recommendations Recommended By FJB locogringo Respond to of 1577217

Not so fast, says Carson Bruno in Real Clear Markets. Adjust for cost of living, which is 36% higher than the national average, and California comes out behind Mexico: [U]sing the cost of living adjusted data from the International Monetary Fund and adjusting California's GDP data provides a better snapshot of California's economic standing in the world. Doing so shows that California is actually the 12th largest economy – a drop of 6 spots – and actually puts the state below Mexico. A full 50% of the California economic growth miracle comes from a few dozen Silicon Valley firms – think Apple, Google, Facebook. It's a banana republic of high tech. [A]s economic blogger Richard Rider points out, the aggregate GDP statistic is really not a good indicator of a state's economic health, especially since one industry appears to be propping up the "6thlargest economy" myth. California has over 39 million people, more than any other state, so a far more accurate assessment of its economy, Rider writes, would be per capita GDP as compared to the rest of the country. After adjusting the GDP figures to account for the cost of living (COL), the Golden State ends up with a paltry 37th place ranking within the U.S.A., with a $45,696 per capital GDP. Even rustbelt states, such as Michigan and Ohio, have a higher adjusted per capita GDP. Despite Silicon Valley's high-tech giants, California barely squeezes past impoverished New Mexico.

To: Land Shark who wrote (1038130)	11/11/2017 11:52:53 AM
From: longnshort	1 Recommendation Recommended By FJB Respond to of 1577217

Because of the high taxes and onerous government policies that keep housing down and costly illegal immigration up, the middle class is fleeing the state. More tech workers are leaving California than are moving there. California has the highest state income tax, the highest sales tax, the highest gas tax, property taxes 95% higher than elsewhere. Small businesses that make no profit – that is, zero profit – are still taxed. Lastly, while California has the biggest unadjusted GDP among the states, it is also earns another distinction: the highest poverty rate in the nation. If California is such a prosperous state as liberals claim, why does it have the highest poverty rate in the nation? According to the Census Bureau, the poverty rate is 23.4%, which is 17% higher than second place Nevada. California has 33% of the entire nation's welfare cases – more than the next seven states combined.