Posted on by Californiacontrarian

Hemorrhaging !

Just read something that is not good news for California. As most of you are aware California is losing citizens, but more important is losing citizens that pay taxes. The pattern of this loss reminds me more of a hemorrhage than the little loss of blood that occurs when you cut your hand. When hemorrhaging occurs in real life to a real person, if nothing is down to stop the blood loss, it is only a matter of time before really bad stuff happens to that hemorrhaging individual. Loss of blood pressure leading to loss of consciousness, leading to loss of life. If we metaphorically compare hemorrhaging  California to a hemorrhaging individual,  California is now being transferred to the ICU. How much longer can the hemorrhaging California survive?

From The Epoch Times:

“Recently released data from the Internal Revenue Service (IRS) reveals the extent of migration out of California, with a significant number of people moving out between 2020–2021 and taking their billions of dollars in income with them.

Approximately 332,000 more taxpayers left the state than entered in the year following the onset of the pandemic, according to IRS data analyzing differences in zip codes on tax filings as compared to the prior year.

According to the data, the state lost $29.1 billion in taxable personal income in 2021 following a loss of $18 billion in 2020.”

And the bad news continues to get worse, as California’s hemorrhaging  just continues:

“Businesses are leaving as well, and more are considering a move soon, according to a survey of CEOs conducted by Professor of Economics Jim Doti at Chapman University in collaboration with three University of California campuses: Irvine, Los Angeles, and San Diego.

“As many as 50 percent of CEOs are suggesting they’re planning to leave California,” he said in EpochTV’s Leaving California documentary, citing high taxes, regulations, and housing prices as the motivating factors.”

And the blood loss will continue to get worse:

Professor Doti additionally said “it’s not just about a loss of tax revenue.

The greatest loss to a state is the loss of human capital, not just jobs or businesses,” Doti said. “If graduate students move to Texas and Florida, it will have a negative impact that is magnified because we’re losing our best and brightest.”

As I’ve already mentioned if nothing is done to stop the hemorrhaging in a live person, disaster follows. Unfortunately in California since nothing is being done to address the cause of the hemorrhaging (high taxes, high crime rate, a high and increasing rate of homelessness, outlandish energy costs), to me the main question is how long before California is transferred from the ICU to the morgue?

5/13/23

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