California

As California Governor Gavin Newsom emerges as a presidential contender, the news shifts to his state and what is found is disturbing. The San Pablo Bay Pipeline is closing because of regulatory hurdles while new laws forcing local gas stations to replace old storage tanks at a cost of $2 million dollars is closing hundreds of stations. Meanwhile refineries are shutting and major oil companies like Shell are closing their gas stations and replacing them with EV charging stations. All of this is in preparation of California banning gasoline cars by 2035. Regulations are slowing the rebuilding of houses lost in the big fire and after one year only 12 of the 22,500 houses lost are rebuilt. Leprino Foods, the worlds largest mozzarella maker is closing after 150 years of operation as Budweiser closes the Bay area plant, the largest brewery in the world after 50 years of operation. Many wealthy individuals, including billionaires, are leaving the state due to high taxes and business climate. For the first time in many years the state is losing general population because of high living cost. The state leads the nation in homelessness and number of illegal migrants and the budget deficit rises as free medical care is offered to migrants both legal and illegal. Estimates vary but total long-term debt, including pensions, approaches or exceeds one trillion dollars. The state has the highest income tax rate at 13.3% and is currently contemplating a wealth tax on super rich people and just thinking about it has cause a number of billionaires to leave.