Quote (Black XistenZ @ Aug 21 2020 02:43am)
I agree that silicon valley will not be replaced as the tech leader of the nation (and the world) anytime soon. Those semiconductor factories have upfront construction costs in the billions of dollars, they alone are reason enough for electronics production to remain in CA.
But California as a whole can still go down the shitter even if silicon valley stays strong. They have constant heatwaves, wildfires, electricity outages, lack of water, are threatened by earthquakes. Real estate prices keep going through the roof in spite of many middle class families fleeing the state, same for homelessness, taxes and commuting times. At some point, the disparity between cost of living and quality of living will become so huge that the entire state just implodes. And god forbid if the 10% top income earners in CA start fleeing - they are milked like crazy by progressive taxes and contribute for, I think, over 60% of the state's total revenue.
There is an interesting visual in the link of how money is shifting, monitored by IRS tax filings.
Quote
Gained Wealth From:
$7.80 billion New York
$5.47 billion Illinois
$3.89 billion New Jersey
$2.95 billion Massachusetts
$1.53 billion Connecticut
Lost Wealth To:
$16.95 billion Nevada
$12.25 billion Texas
$11.98 billion Arizona
$10.34 billion Oregon
$9.63 billion Washington
https://www.howmoneywalks.com/irs-tax-migration/The net outflows are greater than the inflows and it's interesting to see where that money is going. I don't think anyone is arguing that California will lose it's econ prowess all together, but the current political climate is not conducive to many business and it's showing. As the modern left wants to spend more on social services they need to realize that they should probably make sure their biggest taxpayers don't flee because of shit policies.
This post was edited by ofthevoid on Aug 21 2020 09:23am