This is how far left the state of California has become. If for some crazy reason it's approved (it did pass their committee), I think it's time we kick their state out of our Union. This only makes sense as they constantly do things that goes against our U.S. Constitution.
Would it hurt our economy at first, yes. California is huge and they pay in a lot towards our tax revenues but they also get a large chunk back from the Federal Government. We'd need to cut back on the federal budget but there's plenty of wasteful spending that we'd finally be forced to address.
The bottom line is we could make it work. Most of the citizens of California support socialism; why, I don't have a clue since it hasn't worked anywhere. But if they don't like our system of government then I say God Speed.