Californians Deserve Better Than Economic Fairy Tales | RealClearPolitics

RealClearPolitics

by Bloomberg

February 20, 2026

AI-Generated Deep Dive Summary

Californians are grappling with an economic reality that often feels disconnected from the narratives put forth by policymakers. The state's economy, once celebrated as a model of innovation and prosperity, is now under scrutiny for its inability to address pressing issues like high taxes, housing costs, and infrastructure decay. Critics argue that these challenges are exacerbated by political decisions that prioritize short-term gains over long-term stability. California's economic fairy tales, as some call them, often overlook the state's significant financial obligations and declining services. Proposition 13, for instance, has shielded property owners from rising taxes but left schools underfunded, particularly in low-income areas. Meanwhile, while tech giants thrive in Silicon Valley, many residents face stagnant wages and sky-high living expenses, fueling a sense of economic disparity. The state's budget, which exceeds $300 billion, reflects these tensions. A significant portion is allocated to healthcare, welfare, and corrections, leaving little for transportation or education improvements. This imbalance has led to crumbling infrastructure and underfunded public services, creating frustration among voters who feel their needs are being ignored. Politicians often campaign on promises of economic reform but struggle to deliver tangible results. Voters are increasingly disillusioned, with many expressing skepticism about the state's ability to address these issues effectively. This disconnect between rhetoric and reality has far-reaching implications for California's political landscape, potentially reshaping voter priorities and party alliances. Ultimately, the discussion around California's economy is crucial for understanding broader U.S. political trends

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Originally published on RealClearPolitics on 2/20/2026