PJ Media California's Predicted Fiscal Firestorm Has Arrived... "If you were trying to ruin a state you couldn’t do better than Governor Gavin Newsom and the Democrats. Covid waste Billions lost Billions misspent Pricing out middle-income earners Trains to nowhere..."
The Strategas Research article predicting California’s fiscal disaster is behind a paywall but was quoted by the “Radio Free California” podcast hosted by Will Swaim of the California Policy Center and David Bahnsen, the founder of wealth management firm The Bahnsen Group.
The bad news for California starts out with “California tax revenues, a bellwether for the country, declined 42% year-over-year in January, led by a 50% decline in income tax revenues.”
And no, it’s not because of Covid. No, it’s not due to the market alone, according to the financial research company. Economists predicted a decrease in tax revenues, but nothing this dire.
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It gets even worse: “We want to be clear,” Swaim read from the report. “The magnitude of California’s decline is larger than that of other states and cannot be explained by a lower stock market on its own.”