The Boy king has presided over an Unmitigated disaster…
California’s Economic Woes Are Way Worse Than We Thought
The unemployment rate in California jumped to 5.3% in February, the highest out of any state and Washington, D.C.,
according to the Bureau of Labor Statistics. California employs some of the
strictest labor laws, regulatory regimes and tax burdens in the nation, which has increasingly stifled economic growth and led businesses and citizens to flee
“You can look at the unemployment numbers, and those really flag some severe underlying problems,” Will Swaim, president of the California Policy Center, told the DCNF.
“California overregulates businesses and underregulates public safety. And those two things may seem unrelated, but when you allow people to engage in organized theft from stores or break into cars, for instance, it reduces the ability of markets to function.”
The state’s economy has only increased the number of jobs in the state by 82,000 in the last year as of February, with 61,100 of those being government positions,
according to the California Employment Development Department
“California job growth is struggling because of the state’s regulatory and tax policy,”
The state also has one of the highest tax burdens in the U.S., ranking fifth in 2020 with an effective average tax rate of around 13.5%,
“Policies such as
expensive energy mandates, restrictive zoning regulations, high taxes, rent control, and high minimum wages all increase the cost of doing business and decrease families’ purchasing power,” Winegarden told the DCNF. “The higher cost of doing business makes California firms less competitive nationally, which harms economic growth. The
affordability problems make it harder for families to thrive, encourage families to leave the state, and discourage new families from migrating to California. All of these trends reinforce one another, harming the state’s vitality.”
The state government is also struggling with a massive deficit, which California’s nonpartisan Legislative Analyst’s Office
estimates would be a record $73 billion in 2024 under current fiscal circumstances. The huge deficit is in part
due to a drop in income as people flee the state, with 27,000 tax filers with adjusted gross incomes of over $200,000 having moved out between 2020 and 2021.
The population of California
declined by around 538,000 from July 2020 to July 2023 as residents flee blue states like New York and Illinois and head to places like Texas and Florida.
https://dailycaller.com/2024/03/27/californias-economic-woes-worse-thought/
