Shared December 27, 2019
California is one of the World’s wealthiest places. If it was a sovereign country, it would be sixth largest economy. From the tech startups from Silicon Valley to the glamorous Hollywood, Californians enjoy one of the highest GDP per capita in all across America. Then again, their state suffers from a perpetual fiscal crisis. Some years it can go better, some years it can go worse but, generally speaking, it is pretty common to hear about a big deficit in the State of California.
In other words: California spends much more than what it collects in taxes. And this is surprising given that the Golden State has some of the highest taxes in the country and some of the World’s biggest fortunes.
So why do they have such a big fiscal problem going on? And what are the consequences for the Californians? Is this a real problem? On this video, we will answer to all of those questions.
*Script written by Eric Scholz
Other videos from VisualPolitik:
The US’s other Debt Crisis
The other side of IMMIGRATION in AMERICA
Is DEBT Threatening the USA’s Future?
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