Gavin Newsom likes to talk about howCalifornia keeps getting richer, as he campaigns around the country.
What he doesn’t want you to know is thatCalifornians are poorerthan other Americans, in terms of disposable income.
Arecent Pacific Research Institute (PRI) study notesthat Californians look like they are earning more because themedian household incomeis 20% above the national average.
At the same time, the study notes,Californians have 35% less disposal incomethan the rest of the country because of the cost of household essentials.
Dr. Wayne Winegarden, a co-author of the study, says: “The data shows that California’s economic challenges are no longer theoretical — they are measurable and worsening.”
On “affordability,” the hottest topic in America, Californians are getting creamed.
While Newsom talks about a California “miracle,” and how the state is now the fourth-biggest economy in the world, the fact is that there is significant outflow of residents to other states because of California’s excessive cost of living.
The state alsoleads the nation in poverty, with a poverty rate of 17.7%.
That is not a “miracle.” It is a crisis.
And the biggest factor contributing to this decline is plummeting job growth.
Source: California Post – Breaking California News, Photos & Videos
