High-flying California economy faces a hard fall

California is now the fifth-biggest economy — not in the United States, but in the whole world.
We’ve now surpassed the likes of Britain, France, India and Russia. By any measure, that’s a tremendous accomplishment, and a testament to the state’s resilience from the dark days of fiscal irresponsibility and Sacramento-issued IOUs.
But the sources of our state’s standout growth are narrowly concentrated and volatile. And they mask significant struggles outside the coa