In my latest column, motivated by the California recall, I pointed out that the Golden State’s left turn on policy hasn’t produced the economic collapse that conservatives predicted.
On the contrary, the state’s economy has boomed, even as it keeps getting trash-talked by the business press: Between the election of Jerry Brown and the Covid-19 pandemic, both output and employment grew about as fast in California as they did in Texas.
It has, however, been a peculiar kind of boom, one in which more Americans have moved out of California than have moved in.
Economists trying to understand the rise and fall of regions within a country often rely on some form of economic base analysis.
Growth in these industries, however, generates a lot of growth in other sectors, from health care to retail trade, driven by the local spending of the base industries’ companies and employees.
hasn’t, Jerry Brown
California, Texas, Silicon Valley, Los Angeles, New York