As Senik summarizes, California is governed by elites, for the elites, and they are increasingly the few remaining who can afford to live in the state.
Over the years, many analysts have wrongly predicted that California is on its last legs. They have been consistently wrong. And they may still be wrong. California has dodged a lot of bullets. Weathering the storm of a vanishing middle class may prove to be California’s biggest challenge.
Saturday, April 26, 2014
California is no longer a haven for the middle class