California is painted as a land of luxury and a global influencer. Despite this, and its Silicon Valley claim to fame, it has failed to secure the number one state economy, according a new WalletHub report.
The golden state was unexpectedly ranked fourth on the list, preceded by Washington, Utah and Massachusetts. Host Ethan Bearman analyzed the three key factors that were taken into account: economic activity, economic health and innovation potential, to gain a better understanding of why California has been dethroned as the “top dog.” Spoiler alert: High taxes and copious amounts of regulations played a part.
Listen to the podcast below to learn what else contributed to the results!