Why Californians Are Leaving

Instead, California has become the epicenter of neo-feudalism, with roughly half the nation’s homeless population. California has the highest unemployment rate of any state, and also suffers the highest cost-of-living-adjusted poverty rate.

The Public Policy Institute of California estimates another fifth live in near-poverty — roughly 15 million people in total.

Yet despite the disparities, Newsom has been forced to oppose the unions’ proposed 5% wealth tax on “billionaires,” largely because the state is dependent on the roughly 100,000 taxpayers with incomes above $1 million. These amount to one-half of 1% of all tax returns filed in the state, but also account for about 40% of all California personal income taxes.

Then there’s the small matter of unfunded pension and retirement liabilities, which are estimated to be around $1 trillion.