Now, while California focuses on wind turbines, solar panels and electric cars, vast offshore oil resources remain undeveloped and nuclear power is ignored. Consequently, the energy-starved state's employment and economic future is bleak. A 2009 Milken Institute study showed a recent loss of nearly 400,000 manufacturing jobs...
The regulatory environment has turned dreams of good lives into nightmares for many who are leaving in hordes, taking much of the state's tax base with them. About 2.14 million people fled to other states between 2005 and 2007, while only 1.44 million moved in. Meanwhile, the state's debt rises at a rate of about $25 million per day. Some 2.3 million Californians (12.5%) are without employment, and factory jobs plummeted from 1.87 million to 1.23 million (34% of the industrial base) since 2001. California, with 12% of the U.S. population, has nearly a one-third of the nation's welfare recipients--15.3% of all Californians live in poverty. Its budget gap for 2009 to 2010 ($45 billion) equaled 53% of total state spending. This occurred despite having the nation's highest state sales tax and third-highest income tax.
As Margaret Thatcher famously said, the problem with socialism is you eventually run out of other people's money. And when you chase away the people with money, the problem spirals.
Update: Then there's this from the major Sacramento newspaper:
In what has become a somber November tradition, the nonpartisan Legislative Analyst's Office projected Wednesday that California must close a $25.4 billion shortfall next year, twice as large as legislative leaders predicted.
And California just elected even more Democrats to Sacramento.