Higher Income Individuals Fleeing California, Illinois and Connecticut
In today’s ZeroHedge, there was an article about high income people fleeing from Connecticut. Connecticut joins California and Illinois as States that are in fiscal trouble who are continuously raising taxes to raise more revenue, rather than to seriously cut spending.
It is obvious to people other than politicians that raising taxes to support an ever larger array of social welfare programs will drive away those who are paying those taxes. DUH?
Chicago, (Illionois’ largest city) is bankrupt in all but name. The Illinois Constitution prohibits cities from declaring bankruptcy, else Chicago would have declared bankruptcy already. The State government is struggling mightily to balance its books, but with little success. The flight from Illinois is already in progress.
California, which has the Democrats controlling the House, Senate and Governorship, is in deep financial trouble, and the Democrats, of course, keep raising taxes, rather than making spending cuts. They also keep passing laws which put burdens on businesses that are causing many to leave the State.
Now it is Connecticut’s turn to face reality. The Democrat controlled government of the State are facing huge shortfalls in revenue, yet cannot force themselves to make the necessary cuts to balance the budget. Democrats don’t like spending cuts, as it angers their political base, who are the prime recipients of the social welfare programs the Democrats have put into place.
Sooner, or later, the piper must be paid. You can only push reality away for so long. Now the people of Connecticut will be facing higher taxes with fewer services, which is a double whammy, all because of the profligate spending and borrowing that has hidden the problem until now. Poor Connecticut. But I can’t really feel sorry for them, as they brought it on themselves. Now, the good working people of Connecticut will, if possible, flee to more sensible environs, which will do more harm to those remaining.
My advice? Leave Connecticut, Illinois and California. Those three States destroyed once prosperous economies by voting in the spendthrift Democrats. The political majorities of those three States are overwhelmingly anti-2nd Amendment, and it can be argued they are anti-Constitution. Let them cook in their own juices until they come to their senses; if that is even possible.