To say its going down the tubes is purely opinionated.
From
Introduction
California Economy By The Numbers
California is the national leader in job creation with 295,300 new private sector jobs created between Oct. 2011 and Oct. 2012 and 574,900 new private sector jobs since the recovery began in February 2010.
California created more jobs in the last year than Texas, Oregon and West Virginia … COMBINED!
California’s job growth rate of 2.1% is higher than the national average of 1.3%. So we are adding more jobs at a faster rate than the rest of the country.
California has 274,000 fewer unemployed people from a year ago. The unemployment rate dropped 1.4% between October 2011 and October 2012, which is one of the top 10 biggest decreases in the nation.
Because of California’s diverse industry mix, we are able to add jobs in multiple high paying sectors. Sectors like business and professions, healthcare, education, trade and transportation, information, and finance all posted significant increases over the last year.
Information technology jobs have returned to their pre-recession levels.
California healthcare jobs maintained consistent growth through recession, adding 27,500 jobs per year.
California has the highest number of Green jobs in the U.S. with over 318,000 Californian’s employed in high paying Green jobs, a workforce second only to high-tech.
California’s 2,324 biomedical companies employ 267,000 people. This industry accounts for $115 billion in annual revenues – which is more than the annual Gross State Product of 18 U.S. states.
3.5 million California small businesses account for 99% of the state's employers and employ 52% of the workforce.
California received 50% of all venture capital financing in the U.S in 2011.
California is the No. 1 state for agriculture revenues, with $34.8 billion in revenue representing 12.3 percent of the U.S. total.
And California is the No. 1 state for attracting foreign direct investment.