California is nothing if not a land of contrast. It is a state of astounding economic might, yet it carries the highest poverty rate in the nation. It has more residents on the Forbes 400 list of wealthiest Americans than any other state, but also has the most homeless people — nearly 25% of the entire U.S. total.
And even as it touts its standing as the world’s fourth-largest economy, state or country, the gap between the rich and poor in California remains near historic highs. Wealthy residents enjoyed skyrocketing investment returns during the pandemic and into the A.I. boom, while low-income workers were laid off service economy jobs and then ate into their savings — if they had them — in order to survive.
