If the Golden State were a country, it would have the fourth-largest economy in the world, rivaling that of Japan and Germany. Despite its $4 trillion gross state product, however, California is struggling. Gov. Gavin Newsom (D), the all-but-declared 2028 presidential candidate, has presided over growing red ink, increasing homelessness, a fleeing population, and rising unemployment. Indeed, the state’s labor market has flatlined and is worse than initially reported, leaving many to ponder if Gavinomics is what the United States needs in four years.
California Dreams of Job Growth
Bureau of Labor Statistics data indicated that California added 250,000 new jobs between September 2023 and September 2024. However, over the last few years, downward revisions were ubiquitous in updated federal employment statistics, and Newsom Nation has not been immune to…
