Just about any state or country would kill to have that painful combination. But you also have a point. States/countries that are "blessed" with either amazing natural resources or world-leading industries will often neglect good policy because they can get away with it. The rest of the world will always be coming to visit and to buy their products. There is a whole economics literature (google Dutch Disease) about this. This literature has been elaborated mostly in conjunction with economies blessed with natural resources (oil being the big one), but it applies to other golden geese (Wall Street, Silicon Valley, Hollywood).