California’s fiscal slide continues. Excerpt:
Here is the sobering analysis released last week from the Rockefeller Institute of Government, which monitors state spending and revenues:
“After four years of uninterrupted growth, states’ tax collections saw a decline in the first quarter of 2014. Preliminary figures for the second quarter of 2014 indicate further declines in personal income-tax collections and possibly in overall state taxes.”
Then came the show stopper:
“Most of the decline is attributable to a single state — California — where personal income-tax collections declined by $2 billion, or 11.1%. If we exclude California, personal income tax collections show a growth of 2.0% in personal income tax collections and a growth of 0.6% in overall state tax collections.”
What is staggeringly stupid about California’s Prop 30, which raised tax rates and back-dated the increase to 2012, is this: The people who proposed it and voted for it seem incapable of understanding how policy effects behavior.
California’s public policy since about 1980 or so seems deliberately designed to drive business from the state. The re-election of Governor Moonbeam Brown seems to have been the last symptom of the Golden State’s slide into fiscal insanity; the keys to the asylum have long since been handed over to the lunatics.
“Through all the centuries of the worship of the mindless, whatever stagnation humanity chose to endure, whatever brutality to practice–it was only by the grace of the men who perceived that wheat must have water in order to grow, that stones laid in a curve will form an arch, that two and two make four, that love is not served by torture and life is not fed by destruction–only by the grace of those men did the rest of them learn to experience moments when they caught the spark of being human.“
These are precisely the people that are being driven out of California. Who remains in that state is left as an intellectual exercise for the reader.