April 18, 2024
Big government, high taxes, and massive regulations
By Jack Hellner
Democrat, liberal, and progressive economic policies can be summed up in one sentence: Big government, high taxes, and massive regulations.
Here is an excellent opinion piece by Nicole Russell at USA Today via Yahoo News that sums up the huge problems with California’s economy:
Gov. Newsom and California show why liberals can't be trusted with the economy
California’s booming economy has taken a hit lately, thanks to liberal policies that have taken root. Things like tax hikes, hefty regulations and policies were progressive but failed to produce positive outcomes. According to The Economist, ‘The state faces three overlapping challenges: rising unemployment, growing fiscal strains and population outflows.’
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There are a few indicators of where the state’s economy is heading. The cost of high gas and housing prices are ushering in an affordability crisis. California now has the highest unemployment rate in the country. That’s more than a million unemployed workers.
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In California, state and local government revenues and spending were 60% higher than Texas on a per-resident basis. California has the country’s highest top marginal individual income tax rate, while Texas has no individual income tax (property taxes are higher in Texas though).
‘State and local governments in California and Texas spent $638 billion and $291 billion, respectively, in the 2019 fiscal year, which represented $16,105 and $10,024 per resident,; the report reads.
California thinks a larger taxpayer-subsidized government is the answer to their residents’ problems; Texas wouldn’t presume that.The highest unemployment rates in the U.S. are in Nevada, California, Washington D.C., New Jersey, and Illinois. What do they have in common? They are all almost wholly run by Democrats!
more
https://www.americanthinker.com/blog/2024/04/big_government_high_taxes_and_massive_regulations.html
