Many reasons for the collapse, of course. But here's one to consider - my understading is that while California houses about 12% of the US population, its residents receive approximately 31% of the welfare. A mighty burden!

Further, a lot of boomers, as they retire, are leaving and will leave California for Nevada and other states without income tax. Even 25 years ago, California was a very desirous place to live - it's been downhill since about then - when too many people came to live. Thus, in addition to the normal attrition rate, the state is losing many of its wealthier individuals, as the high income tax, along with the very real threat of even higher rates, coupled with declining quality of services, chases those who can afford to move right on out.