By Duncan Smith
Because the left takes care of its own, Bloomberg just published a glowing story about California that completely glosses over the massive, Democrat-caused problems that belie the state.
Specifically, the Bloomberg piece talked about how California’s economy defied “doom and gloom” predictions to emerge from the COVID-19 pandemic with the country’s No. 1 economy, and by a long shot.
Trillions of dollars in cash flow into the state’s coffers creating a surplus. There is industry a-plenty. Tech rules the world from the Golden State. Etc.
No one anticipated the latest data readout showing the Golden State has no peers among developed economies for expanding GDP, creating jobs, raising household income, manufacturing growth, investment in innovation, producing clean energy and unprecedented wealth through its stocks and bonds. All of which underlines Governor Gavin Newsom’s announcement last month of the biggest state tax rebate in American history.
By adding 1.3 million people to its non-farm payrolls since April last year — equal to the entire workforce of Nevada — California easily surpassed also-rans Texas and New York. At the same time, California household income increased $164 billion, almost as much as Texas, Florida and Pennsylvania combined, according to data compiled by Bloomberg. No wonder California’s operating budget surplus, fueled by its surging economy and capital gains taxes, swelled to a record $75 billion.
While pundits have long insisted California policies are bad for business, reality belies them. In a sign of investor demand, the weight of California companies in the benchmark S&P 500 Index increased 3 percentage points since a year ago, the most among all states, according to data compiled by Bloomberg. Faith in California credit was similarly superlative, with the weight of corporate bonds sold by companies based in the state rising the most among all states, to 12.5 percentage points from 11.7 percentage points, according to the Bloomberg Barclays U.S. Corporate Bond Index. Translation: Investors had the greatest confidence in California companies during the pandemic.
Yeah, okay. But what good are balance sheets when the quality of life sucks for anyone who doesn’t have a massive stock portfolio or earning at least high six figures? And why are people still fleeing California in droves?
Hints: Cost of living is abysmally high, as is crime at the street level. And never mind out-of-control homelessness.
Shocking footage out of San Francisco shows a criminal on his bike in a Walgreens stuffing items into a garbage bag as an employee and security guard record on their phones.
After gathering all the shoplifted items, the criminal slung the bag over his shoulder and rode past them and out the door.
Cell phone video taken inside a #SanFrancisco Walgreens shows a man packing a garbage bag full of items while multiple people, including security filmed from feet away. Video shows him riding right past them on his bike down the aisle and out the door. https://t.co/llBFeD1cjp pic.twitter.com/9BwSHuTVII
— ABC7 News (@abc7newsbayarea) June 15, 2021
The San Francisco Police Officers Association released a statement shortly after the video went viral, blasting Democrats for their 'defund the police' efforts.
'This brazen criminal behavior is endured every single day by San Franciscans and it is the direct result of District Attorney Chesa Boudin and his enablers' criminals-first agenda,' SFPOA President Tony Montoya said in a statement.
This happens daily, a lot of times, in California cities because ‘prosecutors’ aren’t prosecutors, they’re Marxist revolutionaries who are helping destroy the capitalist society that California claims to dominate.
Talk about tone deaf.
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