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Chart of the Day: California's Downward Spiral vs. Florida's Rise

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer Aug 27, 2024
Blue and white bar graph illustrating the gains and losses of of adjusted gross income by state from 2019 to 2022. Florida is the big winner with a gain of $116 billion, while California and New York show a combined loss of $147 billion.

Contents

Today’s Chart of the Day is from a Wall Street Journal article recommended by Doug F., a subscriber of Chart of the Day.  It is called “The Blue-State Wealth Exodus Continues” and shows the amount of taxable personal income gained or lost from various states between 2019-2022. California and New York lost a combined $147 billion vs. a $116 billion in growth in Florida.
 
The article suggests the loss from California is from higher energy costs, housing, regulation, and taxes. It also notes California has 400,000 fewer workers since the pandemic vs. Florida’s gain of 670,000. If this trend continues, this leaves fewer and fewer taxpayers responsible for California’s debt, which will hasten more taxes and accelerate a downward spiral.  
 
Chart of the Day

About the Author

Samuel A. Kiburz, Senior Vice President, Chief Investment Officer
Samuel A. Kiburz, Senior Vice President, Chief Investment Officer

Samuel serves as Senior Vice President, Chief Investment Officer for the Crews family of banks. He manages the individual investment holdings of his clients, including individuals, families, foundations, and institutions throughout the State of Florida. Samuel has been involved in banking since 1996 and has more than 20 years experience working in wealth management.

Investments are not a deposit or other obligation of, or guaranteed by, the bank, are not FDIC insured, not insured by any federal government agency, and are subject to investment risks, including possible loss of principal.

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