When misfortunes multiplied during the coronavirus pandemic, observers seized on the four-letter word for the largest state with an eighth of America’s population and 14% of its GDP at the end of the day. “California doom: Loss looms by staggering $54 billion,” The Associated Press concluded a year ago in May. “California Is Doomed,” declared Business Insider two months ago. “California is doomed to keep burning?” inquired from the New Republic in October. As April Econews reports, California is “doomed” by rising sea levels. Bullets of people leaving the world’s fifth-largest economy for low-cost states continue unabated because of high taxes and too much regulation of business.
No one could have anticipated that the Golden State would have the potential to expand GDP, create jobs, increase household income, manufacturing growth, invest in innovation, produce clean energy, and grow to unprecedented wealth through its stocks and bonds. There is no equivalent across economies.
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