Economy Government Politics

Newsom’s Desperate Plea: Don’t Underestimate California’s Troubled Future

Governor Gavin Newsom of California, despite facing a dwindling population and a massive budget deficit, is urging Americans not to underestimate the state’s potential. During an interview on “Hannity,” Newsom defended California’s declining population by pointing out that per capita, more Floridians move to California than vice versa. He also highlighted that 18 states experienced a decrease in population, with California’s decline being around 0.3%, a first for the state.

In contrast, Florida saw a significant influx of new residents, particularly from predominantly blue states with high taxes. Approximately 319,000 Americans moved to Florida in 2022, resulting in a population increase of nearly 2%, surpassing the national growth rate of 0.4% during the same period. However, Newsom emphasized that California continues to create new companies and generate millionaires on a regular basis.

California attributes its population decline to factors such as reduced births, decreased immigration, increased deaths, and people moving to other states. However, the state’s high cost of living remains a persistent complaint. With a state income tax rate of 13.3%, California imposes a significant financial burden on its residents, particularly the top 1% who pay roughly half of the state’s tax bill. In contrast, Florida does not have a state individual income tax.

Newsom acknowledged the high tax rate but pointed out that it was established before his tenure and that he has opposed further increases in the top 1% tax. He claimed that middle-class families in California actually pay less than in many other states across America. Moreover, he dismissed concerns about major companies leaving the state, referring to it as insignificant and inconsequential, highlighting the continuous creation of new companies and millionaires in California.

Newsom touted California’s economic success, calling it the “temple” of the U.S. economy and emphasizing its potential to become the fourth-largest economy in the world. He cited strong GDP growth and job creation, with 25.6% of all American jobs originating from California in April. The governor defended the state’s economic track record, emphasizing its operating surpluses in the past two fiscal years.

Despite the criticisms faced by California, Newsom encouraged Americans to remain open-minded about the state’s opportunities. He expressed his love for the state and urged people not to underestimate its resilience.

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