Equating California with "the economy" is problematic. For example, for the last 40 years the "average" selling price of all homes in most of the US has remained stubbornly between 2.5 to 3.5 times the "average" family income in the respective localities. That suggests that asset prices are not out of control except in places like California where the ratio is as high as 8 times average family income. An examination of the underlying policy failures that have contributed to asset inflation in particularly progressive liberal areas of the country is in order, but that is another discussion.

The stock market is also moving back into line with historical levels as market anticipates the Fed raising rates which will reduce demand for stocks. Rising profits and falling PE ratios should balance out as long as we avoid a recession.

While it is easy to say "workers" are not willing to work, that again is a fallacy, unemployment today is below pre pandemic levels in 10 Republican states and if you except the most progressive liberal restrictive states from the calculation unemployment is approaching or possible below the national unemployment (U3) rate Trump achieved. Digging a little deeper, there are still around 8-900,000 fewer workers than before the pandemic, but based on the rate of workforce gains, the workforce participation rate should hit pre pandemic levels in about a year, barring a recession.

Workers are experiencing a real problem due to the declining purchasing power of incomes as a result of inflation brought on by Biden's energy policies, labor policies, fiscal and monetary stimulus. These are all self-inflicted wounds due to government "believing" it can manage an economy as large as the US's. End the policies that triggered this disaster, and the economy will heal.

Americans have been given an economics lesson. Government cannot mess with an economy without messing it up.