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.