California Poised to Become World's 4th Biggest Economy

[quaint]

Office of Governor Gavin Newsom Published: Oct 24, 2022
SACRAMENTO –

According to Bloomberg, California is poised to overtake Germany as the world’s 4th largest economy, continuing to outperform the nation and other countries in GDP growth, companies’ market value, renewable energy and more.

“While critics often say California’s best days are behind us, reality proves otherwise – our economic growth and job gains continue to fuel the nation’s economy,” said Governor Newsom. “California’s values and entrepreneurial spirit have powered this ascent to becoming the 4th biggest economy in the world, and we’ll continue doubling down on industries of the future, like renewables and clean energy. I feel tremendous pride in California’s resilience, leadership, and our formula for success.”

Here are some of the top takeaways from Bloomberg’s data:

“California outperforms the US and the rest of the world across many industries. That’s especially relevant with renewable energy, the fastest-growing business in California”
“California’s trajectory is most transparent in the growing divergence between its 379 companies with a market value of at least $1 billion”
“California technology hardware, media and software saw sales increase 63%, 95% and 115% the past three years, boosting market valuations by 184%, 54% and 58%”
“Job creation is a particularly strong area, with unemployment falling to 3.9% in July, the lowest since data was compiled in 1976 … California’s joblessness dipped below Texas”

Governor Newsom has implemented a $52 billion financial assistance package to help Californians with rising inflation and costs. The most robust and comprehensive stimulus program in the nation, it provides $26 billion in direct payments, $15 billion in tax relief and grants for businesses, and more.

As noted by Bloomberg, renewable energy has become California’s fastest-growing business. Governor Newsom has doubled down on clean energy and zero-emission vehicles, implementing a $10 billion package to make it more affordable for Californians to buy ZEVs while building out the state’s charging infrastructure. California now has six times more clean energy jobs than fossil fuel jobs, and ZEVs have become one of the state’s top exports.

Bloomberg: California Poised to Overtake Germany as World’s No. 4 Economy
"Contrary to popular belief, the Golden State has proven resilient, outperforming its US and global peers."

[onecaliberal]

1. But, but, but, it's awful here....

[walkingman]

6. I would love to live in California but need to be here in Texas for my family. Admittedly jealous.

[onecaliberal]

7. The cost of living is a thing. I love it here.

[TeamProg]

13. Beto said TX has higher taxes than CA! But yeah, gasoline... ouch.

Aren't you in the San Jose area?

[lambchopp59]

18. Much as I loathe to leave, in a way...

The California I once loved so dearly changed so many ways.
Beaches we used to run barefoot, go body surfing all day are horribly polluted tar, dead fish galore ever since the offshore drilling rigs have blighted them. It was "clothing optional" for a reason: no one caught one of those cowabunga waves into shore still wearing their shorts. Neptune has a collection of those.
The working atmosphere has shifted dramatically in hospitals since magnanimous corporate takeover of them all. The laziest, unproductive little shits smugly play on their cellular phone all day, yet receive these employee awards because they're related to some stuffed suit in the administration.
And oh my ghod the traffic.
I'm hoping to be taking my last gig before retirement.
I can ascertain age discrimination in hiring after 12 California rejections despite superior experience, excellent references and solid reputation in my field. The human resource people see "63" and it hits the round file.
I'm starting a gig on a Navajo reservation facility in 2 weeks.

[kysrsoze]

2. Hmmm... we seem to be doing well, despite the mass exodus to TX, ID and TN

I think that says a lot about those who couldn't get out of here fast enough.

[TeamProg]

11. "Buh-bye" nt

[ColinC]

3. If Dems take control of Texas, I could see CA and TX competing

…pretty closely.

[walkingman]

5. Your right and I hope it happens soon. Although we have quite a bit to catch up

with California I hope before I pass it happens. It is very depressing under Texas State government at the present time and I don't have a lot of faith much, if anything, will happen this election cycle.

[onecaliberal]

8. I don't see that happening because of Silicon Valley Tech.

[ColinC]

10. TX seems to be going the path of CA

Like CA, the GOP’s extremism might lose them the state for good. I really hope this year is when it happens!

[TeamProg]

9. Every economy competes, but to get close to Calf among world-wide economies? Highly unlikely.

https://en.wikipedia.org/wiki/Economy_of_Texas


The economy of the State of Texas is the second largest by GDP in the United States after that of California. It has a gross state product of $2.0 trillion as of 2021.[8] In 2011, Texas was home to six of the biggest 50 companies, and 51 in total, in the Fortune 500 (the third most after New York and California).[9] As of 2021, Texas grossed more than $300 billion a year in exports—more than the exports of California ($175 billion) and New York ($100 billion) combined.[10][11][12]

As a sovereign country (2016), Texas would be the 10th largest economy in the world by GDP, ahead of South Korea and Canada and behind Brazil.[13] For 2019 Texas's household income was $67,444[14] in ranking 26th in the nation.[15] The state debt in 2012 was calculated to be $121.7 billion, or $7,400 per taxpayer.[16] Texas has the second largest population in the country after California.[17]

[ColinC]

12. I think competent leadership could make it happen

Maybe in the next 10 years or so?

[TeamProg]

14. It's more likely that other nations' economies will take a huge hit thereby raising TX in the

rankings, from current 10th, to maybe 5th or 6th.

[TeamProg]

4. After grasping the size of Calif's economy, conservatives ask "then why isn't Calif. doing better?"

answer is simple.

"If Calif. were a nation alone we WOULD be doing much better with smoother roads and wide social services, but we have a god-damned U.S. DOD to fund and all of these fucking ignorant red states sucking all of our tax revenue from us. That is why."

[awesomerwb1]

15. I live in TX. (Moved here from CA over 10 years ago)

Home of way too many racists and hard core QOP. I have a little nephew who's half Mexican and TWICE while with me, we have suffered racist comments. Thankfully, he was too young to understand.

All my friends here are QOP. Some to a lesser extent than others. We meet for thirsty Thursdays at a friend's house. Although we have a no politics policy, comments are always made.

'Can't walk two steps in SF without stepping on human shit". "The homeless have taken over and people are fleeing the state in droves".

"So much crime because of the Libs". You get my drift.

There's even a guy who sometimes shows up with a "Don't California my Texas" t-shirt (he claims he's a Libertarian).

Texas is not horrible and it's more affordable that CA when it comes to buying a house. We have cheaper gas as well. It's unbelievably boring geographically. You'll get hills here, not mountains.

I can't wait for my stars to align so I can go back home to CA. I miss the beach, the mountains, the crazy creative people, and the more tolerant and inclusive people.

[quaint]

16. California wants you back.

[awesomerwb1]

17. Thank you kindly.

[lambchopp59]

19. I'll make a bet those making disparaging comments

About California have probably never been here.