US EditionCalifornia’s fourth-ranked economy is also tops in unemployment, poverty and deficits
- In 2024, California became the world's fourth-largest economy, surpassing Japan with a GDP of $4.1 trillion produced within the state.
- This rise occurred despite a structural budget deficit caused by chronic spending that exceeds revenue growth since Governor Newsom took office in 2019.
- California struggles with one of the highest unemployment rates in the country—ranking just below two other states—and has over a million individuals out of work, alongside the highest poverty rate nationwide, all of which contribute to the state’s fiscal difficulties.
- The 2025-26 budget relies on more than $11 billion through temporary measures such as borrowing and tapping into reserves, while Medi-Cal costs have surpassed initial projections by over $6 billion due to increased enrollment.
- While Governor Newsom asserts the economy is thriving and sets the pace globally, ongoing deficits and depleted reserves may weaken California's ability to handle future economic setbacks or disasters.
19 Articles
19 Articles
San Diego Union Tribune
California is world’s No. 4 economy. How do other states rank?
California is not the only state economy that’s a business powerhouse on a global scale. The state’s businesses produced $4.1 trillion worth of goods and services in 2024, according to gross domestic product estimates from the U.S. Bureau of Economic Analysis. GDP is a broad measure of economic output. Not only was that the nation’s largest, but only three nations produced more, according to 2024 GDP stats from the International Monetary Fund. T…
Lompoc Record
California’s fourth-ranked economy is also tops in unemployment, poverty and deficits
Dan Walters Commentary: The underlying discrepancy between income and outgo is important to remember, because when Newsom unveils his revised budget he’s likely to cite the Los Angeles wildfires and Trump’s tariffs as factors in the budget’s gap.
Nigeria Needs a Diplomatic Hub In California, World’s 4th Largest Economy
May 11, (THEWILL) – California, with a $4.103 trillion economy that outstrips Japan and closes in on Germany for the world’s third largest economy spot, powers global innovation, entertainment, and agriculture from Los Angeles and San Francisco areas. Yet Nigeria, Africa’s most populous and endowed country, has no high commission or trade mission in this
Milestones – Another Picture - Opinion - The Silicon Valley Voice
California is touted now as the nation’s largest economy and also the most populous state. If you look at the headlines, you would think our state is booming. Is doing well good enough? When you read the fine print of the state budget, it has ballooned to a whopping 300 billion dollars. Governor Gavin Newsom is proud that his state will show a deficit this year of ONLY 2 billion. Imagine that! Being thrilled with a small deficit of 2 billion dol…
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