At the start of the pandemic, headlines signaled the end of days for the Golden State: “California doom: Staggering $54 billion deficit looms,” the AP declared.
Yet that's not what the data shows. California’s economy is the opposite of doom trib.al/IFBEiqA
No one anticipated the latest round of data showing that California has no peers among developed economies for…
💰Expanding GDP
💼Creating jobs
💸Raising household income
👨🏭Manufacturing growth
💡Innovation
☀️Clean energy trib.al/IFBEiqA
By adding 1.3 million people to its non-farm payrolls since April 2020 -- equal to the workforce of Nevada -- California easily surpassed Texas & New York.
Household income increased $164 billion, almost as much as Texas, Florida & Pennsylvania combined trib.al/IFBEiqA
If anything, Covid-19 accelerated California's record productivity.
Quarterly revenue per employee of the publicly-traded companies based in the state climbed to an all-time high of $1.5 million in May trib.al/IFBEiqA
While pundits insist that California policies are bad for business, reality belies them -- investors have the greatest confidence in the state.
The weight of California companies in the S&P 500 Index increased by 3% since 2020, the most among all states trib.al/IFBEiqA
The most trusted measure of economic strength says California is the world-beater among democracies.
The state’s GDP increased 21% during the past five years, dwarfing No. 2 New York (14%) and No. 3 Texas (12%) trib.al/IFBEiqA
GDP gains added $530 billion to the Golden State, 30% more than the increase for New York and Texas combined -- equivalent to Sweden's entire economy.
Among the five largest economies, California outperforms the U.S., Japan and Germany trib.al/IFBEiqA
For all its bluster as being “best for business,'' Texas can't match California's innovation.
California is a premiere destination for tech and health-care development. The percentage of Texas facilities for R&D is less than half California's at 8.2% trib.al/IFBEiqA
Corporate California also is the undisputed leader in renewable energy, with 26 companies worth $897 billion having reported 10% or more of their revenues derived from clean tech.
No state comes close to matching the 21% of electricity derived from solar trib.al/IFBEiqA
Shares of clean tech firms appreciated 282% during the past 12 months and 1,003%, 1,140% and 9,330% over two, five and 10 years, respectively, with no comparable rivals anywhere in the world trib.al/IFBEiqA
California companies invested 16% of their revenues in R&D, or their future, when the rest of the U.S. put aside just 1%.
Investing in the future is California's way, the opposite of doom trib.al/IFBEiqA
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$700 billion is about nine times current US customs revenue, and 2.4% of the most recent estimate of US GDP.
Tariff revenue hasn’t surpassed 2% of GDP since the early 1870s, and hasn’t surpassed it on a sustained basis since the 1820s and 1830s
Trump often cites President McKinley’s high tariffs as an inspiration, but during McKinley’s presidency (1897 to 1901) tariffs generated less than half the share of GDP that $700 billion would amount to now
We *just* learned that #SVB’s downfall was announcing it was raising equity without having buyers lined up, says @matt_levine.
So why would Credit Suisse’s biggest shareholder announce they would “absolutely not” put more money into the embattled bank? trib.al/aS9oy3I
After Saudi National Bank ruled out providing more assistance, #CreditSuisse closed down 24% at 1.697 Swiss francs per share, its lowest closing price on record trib.al/nnFD2F8