Posted on 10/11/2021 12:53:52 PM PDT by Vendome
From the end of 2019 to the middle of 2021 — the duration (so far) of the pandemic, more or less — the U.S. economy grew at an annualized pace of 0.6%.
It doesn’t explain why California’s growth handily outpaced Florida’s, though, or why Washington grew fastest of all.
The simplest explanation for all of this is that the West is where the tech industry is concentrated, and tech companies had a great pandemic. The increase in real GDP produced by the Far West’s information sector, which includes software, gaming and most internet enterprises, was greater than the region’s overall GDP gain (offsetting big losses in arts and entertainment, accommodation and food services, and transportation and warehousing).
Overall personal income in California was $342 billion higher in the second quarter of this year than in the fourth quarter of 2019. That represented nearly 18% of the nationwide increase, flowing into a state with 12% of the country’s population. A lot of that money surely went to one part of the state in particular — the tech-centric San Jose-San Francisco area, which already had the highest per-capita personal income of any combined statistical area in the U.S. in 2019 ...
Government aid was a big factor, too. The country’s poorest state, Mississippi, saw the sixth-sharpest per-capita income gain, 36% of which was accounted for by what the BEA calls “other personal current transfer receipts.” In the first quarter, when most of the $1,400-per-person American Rescue Plan payments went out, that share was 82%. Even in far-richer California, unemployment insurance payments accounted for 27% of the income gains.
Another important element in per-capita incomes is population, which in California has fallen by 151,929 people since the fourth quarter of 2019, according to the BEA’s estimates.
(Excerpt) Read more at washingtonpost.com ...
How do you shutter 50% of the small businesses in San Francisco and Los Angeles, lose 156K residents and have 1 million people out of work and have an increase of GDP by $342 billion?
I do not get it...
Tech. Google, Facebook, Apple, and Microsoft carry Washington & Cali.
They count government spending as part of GDP.
How do you shutter 50% of the small businesses in San Francisco and Los Angeles, lose 156K residents and have 1 million people out of work and have an increase of GDP by $342 billion?
/\
Well,,
You start with claiming you spent 1 billion on masks, then don’t.
Then you get covid plandemic cash , and don’t spend that either,,
Then you cook some books, play 3 man monty, raid all the tax gas and other tax money in the slush fund to pay folks not to work instead of fixing the damn infrastructure,,
Then you collect accrued interest on the unspent plandemic money sitting on the books
That would be my guess.
In other words
Do stuff that would land Joe and Josephine 6-pack in jail or prison
Again, just an educated guess.
.
GDP is merely a gross economic measure, and just like an average it can seem significant all by itself and still mask/hide many lows because, sometimes, of a few items that take the gross figure higher - regardless of lows/losses elsewhere. That is how tech rich Silicon Valley enterprises can generate, consume and reflect such a large volume of GDP, even while much of the rest of the state suffers. And look who helped fund Newsome so much - Silicon Valley.
State income just added to Federal Debt?
Most of the most expensive zip codes in California have had increases in home values this ytd.
https://www.newsweek.com/wealthiest-zip-codes-california-1594883
Home-buyers with a lot of wealth are moving in and buying these expensive homes.
The sellers have 2 options. Staying here in California or going to lower cost states. Many are buying good homes in whatever state they end up.
Some of the new buyers here, are so rich, they hire people as life coaches, nannies and general life counselors. Their kids go to special day care places and private schools. That creates a separate home buyers’ market for these “special” people.
.......here’s a few facts that will help you “get it”.
Justin Fox works for the Washington Post whose editorials often tell outright lies in support of the Democratic Party.
Justin Fox is a 43 year old African American Lawyer.
Justin Fox was or still is the Lieutenant Governor of Virginia.
Justin Fox is a Democrat and is 42 years old.
In my book, if he’s a Marxist Democrat, he’s lying.
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