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California Can’t Afford to Be an Economic One-Trick Pony

For the past decade, the soaring stock prices and nosebleed valuations of Silicon Valley’s IPOs and tech sector unicorns has been a boon for California, helping create a record budget surplus of almost $22 billion. Yet this bonanza has occurred just as the state’s overall job creation, once among the country’s leaders, has slowed to a more middle of the road status.