Government creates nothing, but it does destroy. The Left Coast is famous for its reverence for government interference into all aspects of life. The results should surprise no one. California has the highest poverty rate in the nation. Why? What’s the way out? And what are the chances that Californians will choose the way out?
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A good article on this subject:
https://nationaleconomicseditorial.com/2018/01/17/california-poverty-rate/
Currency is only one issue. Unfettered immigration plus a burgeoning welfare state is the other. Economists have long warned a welfare state with unfettered immigration would lead to much higher wealth inequality plus massive debt levels that might ultimately lead to bankruptcy.
Maybe if they’d stop with the overpriced real estate and handing out every last dime to the illegals and spending more money on the Americans who live in California….this might not be the case…..but what do I know?
Import the third world, become the third world.