Seven in 10 Californians say kids growing up there will be worse off

By Laura Curtis | Bloomberg

Seven out of 10 Californians think kids growing up in the Golden State will be financially worse off than their parents, according to a statewide survey by the Public Policy Institute of California.

The 71% of adults who share the grim outlook is a record high for the survey, which is in its 25th year. Just 50% of Californians held the same view five years ago.

At the same time, 72% of Californians said they are satisfied with their household’s financial standing and 54% of likely voters said they approved of Governor Gavin Newsom’s handling of jobs and the economy.

More than half of adults surveyed think things are generally going in the wrong direction in California, and six in 10 likely voters predict bad economic times in the next 12 months.

The sentiment in California mirrors the rest of the nation. Despite strong economic growth and a resilient job market, more middle-class Americans are worried about the state of the economy than a year ago, according to a recent Harris Poll for Bloomberg News. Higher prices for food, gas and rent continue to stretch budgets — the typical American household spends about $730 a month more than last year, according to Moody’s Analytics.

The pessimism comes alongside a worsening housing affordability crisis in the Golden State, already among the nation’s costliest housing markets. The Federal Reserve has raised its key rate to fight inflation, making borrowing more costly for home buyers. At the same time an inventory shortage has propped up prices.

When asked who they would vote for if the US Senate primary was held today, likely voters backed the Democratic representatives in the race, with 21% going to Adam Schiff, 18% to Katie Porter and 9% going to Barbara Lee.