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Californians are getting serious sticker shock
California’s economic engine continues to impress, with state officials touting its status as a the fifth largest economy in the worldHowever, there are some difficult points:
But one sore point has gotten less attention: high interest rates. Times reporters Andrea Chang and Don Lee spoke to people across the state about how interest rates are hurting their pocketbooks, their business plans and, in some cases, forcing them to delay planned purchases and expansions.
Like many other things, Chang and Lee reported, lack of access in California makes matters worse.
“The cost of borrowing, whether mortgages, credit cards or car loans, is the highest it has been in more than two decades. And it is especially hard on people in California, where housing, gas and other things are more expensive than in most other states,” they write.
“California’s economy is also heavily dependent on interest-sensitive sectors such as real estate and high-tech, which explains why the state has lagged in job growth and has the highest unemployment rate in the country.”
Employee of Jurni Rayne and Gritz N Wafflez.
(Allen J. Shaben/Los Angeles Times)
With many measuresCalifornia’s economy remains the envy of the world. But for most consumers, The Golden State sticker shock is getting harder to bear.
And for that it is more difficult low-wage california, According to a study by the California Policy Institute:
In 2018-19, basic necessities cost California’s low-income households an average of about $26,000. By 2024, these households would have to spend more than $32,000 on the same goods and services. By comparison, the highest-income group spent an average of $82,000 on these basic items in 2018-19, which will now cost about $100,000 in 2024.
These issues are already hurting President Biden in the polls. But the two Californians often mentioned as potential replacements if Biden ends his reelection bid should also be addressed.
Today’s best stories.
Secret Service agents escort former President Trump off the stage.
(Anna Moneymaker/Getty Images)
Trump assassination attempt
Elections 2024
Death of famous people.
Wildfires and extreme heat
Bigger stories
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Great read today
(Lauren Elliott/For The Times)
An unprecedented number of gray whales are arriving in San Francisco Bay and no one knows why. Experts have only educated guesses about the distribution of humpback whales, dolphins and whales.
Another great read
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For your idleness
Korean restaurant Danby specializes in modern classics, such as charcoal-grilled galbi-inspired zabuton with bone marrow and kimchi.
(Stephanie Brejo/Los Angeles Times)
Go out
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And finally… a great photo.
Show us your favorite spot in California! We’re running out of deals. Send us photos that scream California and we can feature them in the Essential California edition.
(Alberto Pezzali/Associated Press)
Today’s big photo comes from Associated Press photographer Alberto Pezzali, who captured the moment Spanish tennis player Carlos Alcaraz defeated Serbian tennis superstar Novak Djokovic, seen in the background. Alcaraz stops Djokovic’s attempt to achieve his historic 25th major victory.
Have a great day from the Essential California team!
Christian Orozco, assistant editor
Shelby Grad, Deputy News Editor
Karim Dumar, Head of Information Department
Amy Hubbard, Deputy Editor, Fast Break Desk
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