As Gov. Gavin Newsom ramps up what appears to be a 2028 White House bid, a mainstay of his pitch during television interviews and social media appearances is California’s economy.

As Newsom tells it, the state’s $4-trillion-plus annual economic output is not only the fourth largest in the world, were it a nation, but it’s a model of entrepreneurial vigor and programs advancing equity.

Were it only true.

A year ago, the Legislature’s budget analyst, Gabe Petek, indirectly blew the whistle on Newsom’s braggadocio.

“California’s economy has been in an extended slowdown for the better part of two years, characterized by a soft labor market and weak consumer spending,” Petek wrote while outlining the state’s deficit-ridden budget dilemma.

“While this slowdown has been gradual and the sever

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