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Liberally run governments have historically been better for economic performance in the US. In 2004, Trump himself even said the economy does better under Democrats.
The latest band of Socialist Democrats are nothing like those like Bill Clinton. Ah, the good ol days of Bill
We're often told on this forum what disasters liberal California and Minnesota are. Gavin Newsome is supposed to be the devil incarnate and Minneapolis is supposed to be overrun by BLM rioters. Like Newsome, Minnesota governor Tim Walz is a democrat (technically, Democratic-Farmer-Labor, which is the MN branch of the democratic party).
But as it turns out, these two supposed liberal cesspools are both running budget SURPLUSES!
Let's clear up why they have a surplus. We know it wasn't from the middle class. They either fled the state or are on lockdown. The poor doesn't have any money and doesn't pay taxes.
The unexpected windfall, which a budget watchdog had previously predicted could be as large as $26 billion, is largely due to tax collections from the state’s wealthiest residents, who have reaped the benefits of rising stock prices and stable employment even lower-income workers lost their jobs in the pandemic. At the same time, impending Democratic control of the U.S. Senate has increased chances of additional federal aid to California and other local governments.
Trump economy ballooned their stock portfolios. Let's call it for what it is.
They also made some cuts and transfers.
The Democrat then signed a $133.9 billion budget for this fiscal year that slashed employee compensation and aid to the state’s two higher-education systems. It also deferred $12.9 billion in payments to schools and community colleges and borrowed $9.3 billion from other funds. The cuts were to be backfilled by additional federal aid by October, which never materialized. Newsom said Friday that two-thirds of deferred school payments would be made in next year’s budget.
So they moved money around so they could get access to it. Education takes the hit and he promises to pay the education funds back later this year... you trust him, right?
He borrowed $22.2 billion for a $15 billion surplus... some genius.
Let's clear up why they have a surplus. We know it wasn't from the middle class. They either fled the state or are on lockdown. The poor doesn't have any money and doesn't pay taxes.
As your own excerpt pointed out, most of the tax windfall is "from the state's wealthiest residents." If you are saying that's a problem, you are probably part of the 0.1% of the population who thinks it's bad when the wealthy pay more taxes.
The unexpected windfall, which a budget watchdog had previously predicted could be as large as $26 billion, is largely due to tax collections from the state’s wealthiest residents, who have reaped the benefits of rising stock prices and stable employment even lower-income workers lost their jobs in the pandemic. At the same time, impending Democratic control of the U.S. Senate has increased chances of additional federal aid to California and other local governments.
So you see, having a large population of super-rich people like California does is not necessarily a bad thing, even though it makes income and wealth inequality worse. When you have that many super-rich people, you can get a very high proportion of your tax revenue from them, thus taking some of the pressure off taxing the middle and lower income groups.
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