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The Wheels Are Coming off California

California’s budget deficit of $73 billion is growing so fast that Governor Gavin Newsom just had to release an emergency response before the regular budget session. This is the highest deficit of any state – most of whom are running balanced budgets.

Meanwhile, today California still has employment numbers BELOW what they were before COVID, having lost 410,000 jobs in the last four years.

The state’s nonpartisan Legislative Analyst’s Office says this is a sign of a coming recession. Last year, California’s income tax brought in 25 percent less than the year before and the state’s deficit has doubled.

Wait, we’re not done:

The Golden State has lost population for the last three years in a row, with the exodus (in part) led by high-income residents fed up with punishing taxes and high-cost electricity, rent, and regulatory overhead.

In 2021, the state lost nearly $30 billion in net taxpayer income to other states, a staggering 2 percent of its entire tax base. As CTUP Co-founder Dr. Arthur Laffer puts it: “The ‘one-percenters’ who pay 50 percent of the tax are voting with their feet.”

Other than that, radical green progressivism and redistributionism are working just fine in California.

What’s really scary to us is that liberals still tout California as a governance model for the other 49 states.

Unleash Prosperity Hotline


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