California is actually in a pretty bad way. All the harsh legislation really does just hurt it because of the way the states work.
For example, the Apple thing with Apple having an office in Reno to avoid the 8.8% corporate tax.
The wealthiest and most able companies get around it and California's exponentially growing social welfare need/expectation isn't in line with their budgetary issues. There's all sorts of shadow economies, and the fastest growing business is fueled by illegal, out of the country people.
Just outside one of the wealthiest areas in Cali (SF) is one of the US's worst areas of foreclosure (Modesto, ranked 3rd, IIRC).
The worst part of California's problems is that their whole system needs reform. The tax code/incentives, minimum wage laws, immigration, education, infrastructure and just the way the state is run. I'm sure there's bureaucratic excess.
As a point of reference, I see the whole US immigration issue as having two poles: California and Arizona. California gives them waaaaaay too much, but Arizona has as part of it's culture people who watch the border and shoot illegals as they cross for sport. AZ's law about proving your citizenship brings to mind images of fascist jackboots dragging off people who don't have their 'papers'.
And California's knee jerk environmental are painful to the state because they just make it to where companies leave and makes it harder on the people that are there. If we care about the environment, we can't take a stance of, 'Well, we're green in California, so that's good enough.' Especially when all it does is hurt the lower three quintiles of the population.
I don't have the statistics in front of me, but I'd bet California's dairy/cow industry does more damage to the environment than LA.
And every "Green" SF hipster with their smart phones taking Instagram pictures, using their $2000 Facebook machines to tweet pseudo-philosophical drivel while drinking lattes before driving their lithium laden hybrids to the hip new underground spot fueled with "party favors" manufactured by one of the world's last great slave trades needs to realize that they're ginos and hypocrites to boot.