They'd actually be like 6th or 7th (I assume they're parroting an older stat because lol at updating one's beliefs in the face of new facts), and the fact that if it were a country it would be roughly the fifth largest first world country, so they are essentially bragging about not driving themselves into third world status- yet. Also California is as close to heaven on Earth as exists and people are fleeing. No king who has ever lived would not abandon their kingdom if they were offered California. None. And it has been shit up.

They've been largely been coasting of the backs of the retirement fund of the states largest employer. Which is the universities.

You're pretty on point tbh.