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The state was rolling in so much wealth that voters did not really care about government fiscal responsibility.

Now there are so many benefitting from or dependent upon the government that this downward spiral cannot end until the various beneficiary groups turn on one another because the state simply cannot raise enough revenue to keep the Ponzi game afloat.

Newsom is blameless because he is merely a politician who is just riding the tide.

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comes to Energy...and Oil in particular...as explained in the attached article. Here's an excerpt from the concluding section...Note also, that the EIA projects, at current U.S. consumption rates, that we have less than 10 years of Proven Oil Reserves left. It is also reported that 'Fracking' has already peaked (I've posted evidence for this several times)
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Overall, we conclude that unless rapid and significant reductions in global oil demand are achieved by political measures to tackle climate change, the resource-limited oil supply constraints identified in this paper will continue to have increasingly significant economic and political consequences, and can be expected to have significant impacts on sustainability however defined or considered. Finally, we suggest that the data and ‘production peak at about URR mid-point’ model used in this paper be incorporated into wider energy and climate-change modelling to better inform policy-making.
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Link: https://www.sciencedirect.com/science/article/pii/S2666049022000524

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VDH is no scholar when it comes to this issue, or he wouldn't have ignored all the studies that show how wrong he is.

Here's another excerpt from the Science Direct article I linked...
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1. Introduction

While the world's attention and policy initiatives have been on climate change, including the role of oil in contributing to this, a potentially equally important issue has continued in the background - the world's relentless depletion of its reservoirs of oil. In this paper we ask: ‘How much oil is left to produce?’, and hence determine if we are likely to face soon a global shortage of oil.

Below we show that official estimates of the remaining reserves of oil as used by many analysts are very misleading, in part due to poor reporting and methodology, and that these reserves data should not be used. We also show that the basic Hubbert logic of oil production, that of increase, then peak (or peaks) and then decline, is playing out relentlessly (if not exactly) for nearly all oil producing countries. While dismissal of Hubbert logic by economists, with faith in technology to increase oil production, has been seemingly supported by the fracking revolution of the last decade and a half, this had little impact on the longer-range inevitability of oil depletion driven by global resource limits. Analyses by others and ourselves of the patterns in the global discovery and production of oil show that the world's rate of use of oil has long been much greater than its rate of finding oil, and hence the future global production of oil at prices that are sustainable to society is inevitably downward.
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