(NewsNation) — California enjoys the title of world’s fifth-largest economy, but gubernatorial candidate Stephen Cloobeck concedes the state is not very affordable for many residents.
“I fixed the most broken of businesses in my career, and California is a broken state,” Cloobeck, former chairman and CEO of Diamond Resorts, told “NewsNation Now” on Friday.
His ideas to turn things around include revamping and simplifying California’s entertainment tax credit program to “solidify our greatest export.” Cloobeck said California is being eclipsed by some of its competitors, including the state of Georgia.
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The 63-year-old, who frequently appeared on the CBS reality TV show “Undercover Boss,” is one of several Democrats expected to run for California governor in 2026. The field may include former Vice President Kamala Harris, who is said to be weighing a run.
The economy of California, with a Gross Domestic Product of more than $3.5 trillion, ranks fifth in the world, behind the United States, China, Germany and Japan. Cloobeck said tariffs hurt consumers with cost add-ons.
“If we’ve got these great worldwide economies, and I believe in free trade, why don’t we sit down with our partners and say, ‘Look, we’ve got a little trade imbalance here. Let’s see if we can find another way of working it out and equalizing it,’” he said.
