Valuetainment - May 24, 2026


ļ¼‚Killing California From The Insideļ¼‚ - The DEVASTATING Truth About Newsom's Economy


Episode Stats


Length

6 minutes

Words per minute

176.47922

Word count

1,203

Sentence count

85


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, I sit down with California Governor Gavin Newsom to talk about his transition from state senator to governor, and why he thinks California is on track to become the next US$1trillion dollar economy.

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 Say you become the governor, what are you doing the day you become the governor?
00:00:03.580 So it's going to be a very busy first day because one of the things that I think,
00:00:09.280 well, there's many things I'm doing differently in this,
00:00:11.480 but one of them is being really well prepared
00:00:13.240 because I do actually understand how policy works, how government works.
00:00:18.220 I've got experience of that, and I'm a business-like person.
00:00:21.080 I wouldn't be practical.
00:00:22.620 Specifically on this one, here's a good example.
00:00:24.920 And it goes back to what you're saying,
00:00:26.560 what we were discussing about the legislature and the supermajority
00:00:29.120 and what can you get done because there's all these Democrats controlling the legislature.
00:00:32.980 There's a huge amount you can do just through your control of the executive branch
00:00:37.680 and these regulatory agencies.
00:00:39.440 Opening up oil production is a good example.
00:00:41.960 So the way that they've shut down oil and gas production in California
00:00:45.340 is not actually the legislature, it's through an agency called CalGEM,
00:00:49.380 the California Department of Geologic and Energy Management.
00:00:52.220 And they have refused to issue permits.
00:00:57.900 and i've seen that i've been to the oil fields got these just like that that you're looking out
00:01:03.200 there i need much bigger as far as you can see or oil wells and they just refuse to issue permits
00:01:11.960 for maintenance you need a permit for everything if you want to do routine maintenance for
00:01:16.600 expanding an existing well that's maybe running out of oil you do i think they call it side
00:01:22.400 tracking you can expand it and get the output up from five barrels a day to 100 or whatever
00:01:27.620 or drilling new wells in existing fields.
00:01:29.920 This is not drilling an oil well in the middle of Yosemite National Park.
00:01:33.560 This is literally, like as far as you can see, oil wells,
00:01:37.320 there's a concrete pad ready for some new wells to be drilled
00:01:41.100 in the middle of the oil field, and they're saying no.
00:01:43.720 So actually that's something where you could turn that around,
00:01:46.380 I don't want to say overnight, but you put in new people.
00:01:48.700 I'll be ready to go with the new people you're going to appoint to this agency.
00:01:51.800 Any names of people that...
00:01:54.620 We're gathering the names now.
00:01:57.620 I have named someone who I would appoint to be the Natural Resources Secretary
00:02:02.280 that sits above all of this, a guy called John Duarte,
00:02:04.920 who was a member of Congress and very thoughtful on water.
00:02:09.900 These resource issues are real drivers of the problem in California,
00:02:14.280 the fact that we're killing our ag industry
00:02:16.500 by refusing to give farmers the water that they need,
00:02:20.100 this issue of oil and gas.
00:02:21.680 So that comes under natural resources,
00:02:23.280 So we're going to have someone who believes in actually, you know, producing in abundance what we have.
00:02:29.340 This is the point about California.
00:02:30.800 We've got everything we need.
00:02:32.480 We have incredible natural resources, human resources in terms of the energy and hustle of our people.
00:02:39.980 And it's all been crushed by this bloated nanny state bureaucratic government.
00:02:44.700 Now, what, you know, some people may say, well, look, you're a Brit.
00:02:49.780 You're from UK.
00:02:50.740 Are you running?
00:02:51.300 I'm American now.
00:02:52.660 Your U.K. is the equivalent of California and London is the equivalent of L.A.
00:02:58.800 Do they have a lot of things in common?
00:03:00.320 What patterns do you see?
00:03:01.540 Is the California on track to be what happens to U.K.?
00:03:05.200 Yes, yes.
00:03:06.100 Okay, share that with us.
00:03:07.260 What perspective do you have?
00:03:08.520 It's very interesting.
00:03:09.080 A very serious venture capital guy sent me a report, must have been about six months ago, on the U.K.
00:03:17.220 And he literally just put on the email, remind you of anywhere.
00:03:19.780 And this report was going through just how impossible it is to do anything in the UK, to build housing, to increase energy infrastructure, to build any kind of infrastructure.
00:03:34.220 And it just went through the incredible bloat, the regulatory bloat, the process taking so long for anything.
00:03:40.680 It's exactly where we've got to in California.
00:03:43.600 And that's why we have this situation where right now you've got these two things going on.
00:03:48.880 So Gavin Newsom's response to anything when he's challenged on everything going wrong in California, his go-to response is, well, we're the fourth biggest economy in the world, so things must be great.
00:03:59.020 That's true statistically.
00:04:00.680 We are the fourth biggest.
00:04:02.200 But remember, well, that's just the total GDP.
00:04:05.120 That's driven mainly by two things.
00:04:07.860 We got a small number of giant tech companies that are great.
00:04:12.800 And I want, of course, I want every business to thrive in California.
00:04:16.880 So I'm a huge supporter of our tech industry, like all our other industries.
00:04:20.380 That's great that we've got these companies generate a huge amount of revenue, but not many jobs.
00:04:25.320 And then the second component that's driven up the GDP number, that includes the government.
00:04:30.980 So all this increase in government spending, that increases your GDP.
00:04:34.660 But it's not a healthy way to increase your economy.
00:04:37.340 So at the same time as having the fourth biggest economy, we have the highest poverty rate of any state, tied with Louisiana.
00:04:45.020 28% of U.S. homelessness is in California.
00:04:48.640 Poverty rate is massive.
00:04:50.140 Poverty rate is the highest in the country, tied with Louisiana.
00:04:53.840 Unemployment, we're the highest in the country of all 50 states.
00:04:57.360 I think the district of Columbia is slightly higher,
00:04:59.440 but in terms of states, we have the highest unemployment rate.
00:05:01.800 So that's not a healthy economy.
00:05:04.280 I mean, most of the jobs that have been created since the pandemic,
00:05:07.060 I believe the net job creation in the private sector is almost zero in California.
00:05:11.680 It's government and stuff like that, health care.
00:05:13.320 And so you've got a really unhealthy economy because it's just so impossible to do anything.
00:05:21.140 And that's exactly what you're seeing in Europe and in the UK.
00:05:24.020 And one of the things I say, I mean, I became, we moved here 2012, I became a citizen 2021.
00:05:31.680 And if you look at what's going on in the UK, I've now renounced my UK citizenship.
00:05:36.720 I just want to be clear that I'm all in for this country and California.
00:05:41.240 But I actually truly feel this on an emotional level.
00:05:45.360 I don't want to see California, the way I put it,
00:05:48.960 I'm fighting to make sure this state that I love
00:05:51.780 does not turn into the country I left.
00:05:55.340 That is a really bad, and that is the path we're on.
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