California: Privately Rich in Big Cities, Publicly Broke

Welcome to the hub of American prosperity. Yesterday, the Census Bureau released the results from the 2011 American Community Survey, and in the competition for Wealthiest City in America, the Bay Area snagged gold and silver.

San Jose took the top spot, with a median income of $76,593, and San Francisco came in second at $69,894.

Of course, people who consume newspaper headlines may notice a strange contradiction here. There was another report released on Thursday. As the New York Times wrote, that one, from the State Budget Crisis Task Force, showed that California's public debt sitting somewhere between $167 billion and $335 billion, ridiculously higher than the $28 billion Gov. Jerry Brown estimated when he took office last year.

There may not be a better example of the disconnect between private sector success and public sector struggles than the Golden State.

See also: Bay Area Poverty Is Growing Faster in Suburbia Than in Urban Areas

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