California's Economic Returns from Public Investment

Gavin Newsom is the 2028 Democratic front-runner. That’s what many of the polls and the Polymarket betting odds say.

It’s been widely believed that Newsom wants to run for president someday. But belief that he could be a front-runner was less common. A liberal white guy from a state that much of the country considers badly governed just didn’t seem like the profile the Democratic Party was looking for.

But as a Californian who has watched Newsom for a long time, I was surprised by him this year. After President Trump returned to the White House, Newsom started a podcast, interviewing people like Charlie Kirk, Steve Bannon and Michael Savage, which made a lot of Democrats mad. At the same time, Newsom turned himself into the leader of the resistance — trolling Trump on social media and pushing a ballot initiative to end California’s independent redistricting to counter the partisan redistricting effort in Texas.

Newsom has been willing to try things and take risks. He has shown a feel for this moment — in politics and in the way attention works now.

But it’s still true that he runs a state that the country considers badly governed. California tops the rankings of unaffordable states, at a time when affordability has become a central electoral issue.

In this conversation, I ask Newsom about all of this — what he learned this year from talking to figures on the right, how he thinks the Democratic Party can win back voters it lost, why California is so unaffordable and what he’s doing about it.

Mentioned:

Applebee’s America by Ron Fournier, Douglas B. Sosnik and Matthew J. Dowd

“And, This Is Charlie Kirk”

“And, This Is Gaming Culture & Gen-Z Nihilism With Content Creator Brandon “Atrioc” Ewing”

“And, This Is Michael Savage”

“And, This Is Steve Bannon”

“Newsom Says Trump’s Attacks Are ‘Not Normal’”

“Barack Obama 2004 Democratic National Convention Keynote Speech”

Book Recommendations:

Built to Last by Jim Collins, Jerry I. Porras

Meditations by Marcus Aurelius

1929 by Andrew Ross Sorkin

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing by Isaac Jones. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Kristin Lin, Emma Kehlbeck, Jack McCordick, Marina King and Jan Kobal. Original music by Pat McCusker and Aman Sahota. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser.

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