“High debt, high taxes, high regulations & high poverty”
You have heard it before: “As California goes, so goes the nation.” If that is the case, the national economy will be harmed for decades to come because of California’s misplaced priorities today. Indeed, by emphasizing high-speed rail over water and failing to deal with its debt crisis, California poses a long-term threat to our national economy and is on an economic collision course of increased immigration and lack of water.
Despite a much-heralded recovery in the media and by Governor Jerry Brown, California still has one of the nation’s highest unemployment rates. Also, more than 30% of the nation’s welfare recipients are Californians – even though California has just 12% of the nation’s population. It is not surprising, therefore, that California is ranked number one in poverty.
The cause for those bad statistics is bad government policy. California is the most regulated, highest-taxed, most in-debt state in America.
Beyond debt, Governor Brown recently signed a huge tax increase featuring a top rate of 13.3%. Overall, California taxes are 42% higher than Texas.
Read the rest of Tom’s piece at Forbes: