“Californians will end up like the landed gentry in interwar England. Lovely houses, illustrious history, and no conceivable way to pay their bills.”
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There are insightful points here, but the entire piece seems to assume that California is economically just Silicon Valley, which isn’t true, either from a GDP or tax revenue standpoint...
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The Bay Area is close to 40% of the personal income tax revenue for the entire state of California even though we are 16.8% of the state population. It's not actually that far off.... https://lao.ca.gov/reports/2016/3507/Fiscal-outlook-111616.pdf …
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"I think it's fair to say that Silicon Valley is dead." —co-creator of AltaVista, 1993pic.twitter.com/ZjiMBp968B
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1993!
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People have been cranking out "peak california" pieces for 50 years and the state still hasn't fallen into the ocean. A lot of what's in there, large corporations swallowing smaller ones, urban real estate, happens everywhere. The state has issues, but the angle here is tired.
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