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CA will not go bust.

Im not so sure,

after all the "rich folks" leave, who's gonna be left to pay the taxes to fill the public feeding troughs?

I wouldn't bank on it. The average person we see leaving CA is GOP or GOP leaning, above average in come and cashing out from their high priced home in CA. They are older and don't need the jobs and they are bring their money with them. (That means they are net consumers and taxpayers). They are also more likely to be professional and small business owners or self-employed.

Its not the janitors, waiters and court clerks who are leaving - you get to keep those. Its the upper income, upper skill people who can base themselves from another neighboring state while they still do work in CA.

I know of one developer who used to live in LA, moved to NV and does all of his developments in Asia. He used to live in LA and pay the taxes on all of his income but since his own state made it so prohibitive for him to do any building in his own state he finally just decided to get the hell out and stop paying taxes for income he is creating in other countries. And probably 50 manufacturing companies have left CA in the last 3 years to move to North Las Vegas and the different in taxes alone paid for the move AND warehouse costs each year. And these aren't even the companies which have been forceably unionized.

CA is literally bleeding businesses and intellectual capital. Lets face it, if Massachusetts can become a high tech nexus and steal companies away from moving to Silicon valley then you are really up the creek. Arnold might have been able to stem some of the bleeding but the patient is still terminal.

And none of this includes the the profligate government spending which drives down the credit rating of the state and increases the cost of every bond that gets voted into effect. And you still have to factor in crime, racism, traffic, poor infrastructure/population investments, natural disasters and cultural erosion which destabilizes families and social institutions.

Ooops. I meant "CA will go bust." Where did the "not" come from? Maybe one of those trolls took control of my mind for an instant.