New Geography – Bailing out California, Again:
For years, California boasted a strong economy, with the world’s leading technology, entertainment and agricultural industries. The state’s Legislative Analyst claims that California would be the 7th largest economy in the world if it were a nation. California is rich not only in the aggregate, but at the ground level. Only eight of the 50 states have a higher gross state product per capita. This means that California is per capita the richest large economy in the world. Thus, any bailout would be disproportionately financed by parts of the country that are often far less affluent.
How can it be that California stands in such tatters seeking a handout? Why are people from other states, at least 30 of which wouldn’t even rank in the top 50 economies of the world, being asked to prop up this dynamo?
Previously:
- How did Vallejo, California go bankrupt?
- Goldman Sachs warns on NJ, CA, WI, FL, OH, MI bonds
- Vallejo, California declares bankruptcy
- How irrational are California public pensions?
- How irrational were California real estate prices?
- California attempts to build world’s most *optimistic* commuter rail
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It’s even worse than you think! Follow the growing state and local public employee pension crises daily at PensionTsunami.com