California Governor Gavin Newsom is hiring a New York PR firm to portray California as a vibrant economy ahead of his likely presidential bid, costing taxpayers $19 million. Despite California's large GDP largely dependent on the assets of tech oligopolies, the state has a high unemployment rate and highest cost-of-living-adjusted poverty rate. Despite this, Newsom has opposed the unions' proposed 5% wealth tax on “billionaires” largely due to the state’s dependence on the roughly 100,000 taxpayers with incomes above $1 million, which contribute to continued operating deficits through 2028. The state's unfunded pension and retirement liabilities are estimated to be around $1 trillion. California has lost 1.6 million above-average-paying jobs in the past decade and created five times as many low-wage as high-wage jobs. The only middle-income new jobs created in California have been in government-financed health care and government itself. Despite these successes, California's students perform at among the lowest rates in the country and its high energy tax rates, and its policies have led to high energy prices and high gas prices. The governor's policies, particularly on energy, make it difficult for blue collar professions that tend to pay well.