Financial instability far from over, says IMF
By Nick Beams
14 April 2016
first two months of the year, during which oil
prices plummeted and bank shares
experienced sharp declines, the report stated
that over the past six months financial
stability risks had increased. It cited
economic developments, falling commodity prices and concerns over the direction of China’s economy as the underlying causes.
ruling circles of social and political upheaval
in the event of another financial crisis or
major economic downturn.
BILL CLINTON STARTED THE TRANSFER WHEN HE UNLEASHED WALL STREET BANKSTERS TO LOOT US, CUT WELFARE FOR STRUGGLING AMERICAN, BUSHED THE BORDERS WIDE OPEN AND ENCOURAGED MEXICO'S INVASION, OCCUPATION AND LOOTING TO KEEP WAGES DEPRESSED AND BUILD THE DEM PARTY'S LA RAZA SUPREMACY PARTY BASE OF ILLEGALS.'
HILLARY CLINTON IS THE BANKSTERS' AND MEXICO'S OBVIOUS NOMINEE FOR THE SECOND LA RAZA FASCIST PARTY PRESIDENCY.'
DO A SEARCH FOR THE CLINTONS, OBAMA AND THE MEX FASCIST PARTY OF LA RAZA "The Race" WHICH OBAMA FUNDS AND OPERATES OUT OF THE WHITE HOUSE UNDER LA RAZA V.P. CECILIA MUNOZ
unions responded to the mounting crisis of American
capitalism by becoming direct partners with the corporations
and the government in imposing the full weight of the crisis
on the backs of the workers. They have collaborated in the
destruction of millions of jobs, the decimation of wages and
benefits, and the imposition of sweatshop conditions, all in
the name of increasing the competitiveness of American
corporations against their international rivals. For this
purpose, they took on the role of an industrial police force for
the ruling class, suppressing working-class resistance.
Strikes, which were a fact of daily life in America, have all but
The social reality behind the US elections
13 April 2016
records, documents the fact that higher income is strongly
associated with greater longevity. The study shows that the
gap between the richest one percent and the poorest one
percent is 14.6 years for men and 10.1 years for women. It
further establishes that life expectancy for individuals in the
top five percent of income earners increased by nearly three
years between 2001 and 2014, while for those in the bottom
five percent, the increase was negligible.
program, the unions responded to the mounting
crisis of American capitalism by becoming direct
partners with the corporations and the government
in imposing the full weight of the crisis on the backs
of the workers. They have collaborated in the
destruction of millions of jobs, the decimation of
wages and benefits, and the imposition of sweatshop
conditions, all in the name of increasing the
competitiveness of American corporations against
their international rivals. For this purpose, they took
on the role of an industrial police force for the ruling
class, suppressing working-class resistance. Strikes,
which were a fact of daily life in America, have all
presidential candidates of either party of
reports of rising death rates and mortality for
working-class people, shocking infant
mortality rates among the poor, and
increasing life expectancy gaps between the
rich and the poor.
imposition of across-the-board 50 percent
wage cuts for newly hired autoworkers as part
of his bailout of GM and Chrysler, is silent on
the administration’s support for the gutting
of workers’ health care and pensions in the
Detroit bankruptcy, and avoids any reference to the repeated cuts in food stamps approved by the White House.
Independent news at its best. If it's blacked-out, covered-up or censored, you can find it here!
Statistic of the Week: The amount of assets/wealth the average adult has in each country:
IT WAS BILL CLINTON WHO HANDED PARDONS TO
IT IS BILL CLINTON THAT OPERATES THE PHONY
HILLARY WILL KEEP THE TRAIN MOVING IN THE SAME
BLOG: LA RAZA GOV JERRY BROWN HAS SIGNED EACH AND EVERY BILL THE LA RAZA CONTROLLED STATE LEGISLATURE HAS PUT BEFORE HIM THAT BENEFITED THE MEXICAN OCCUPIERS!
Poverty among California seniors rising despite economic “recovery”
By Adam Mclean
According to a recent Sacramento Bee review of US census data for the year 2014, the number of California seniors living in poverty has nearly doubled between 1999 and 2014, to a total of 520,000 in poverty today.
4 April 2016
As of 2014, about 16 percent of Californians live under the federal poverty line ($11,880 in 2016). For a retired individual, the poverty line is as low as $11,400, qualifying some 520,000 seniors as living in poverty. However a newer measure, called the Supplemental Poverty Measure, first used by the US census for the year 2010, tracks additional factors such as prices and taxes and is generally considered to give a more realistic picture of the degree of economic hardship. The 2014 census found that the California poverty rate using this measure was 23.4 percent– around 1 in 4, the highest rate in the nation.
According to this measure, of California’s 39 million people, nearly 10 million are in poverty.
Most of the seniors in question live primarily off of social security income, sometimes with a small pension, and many are even homeless. But with a high cost of living in many areas, an income of less than several thousand dollars per month is often not enough to cover even basic necessities such as rent, food, and medication.
When she was growing up, Faye Duncan (80) told the Bee, “There never was a question whether you’re going to have a place to live.” Emphasizing the poor state of housing for the elderly, she reported having to wait “a year and a half to get in here,” referring to an affordable housing complex. Describing her quality of life, she said tearfully, “I’m in pain 90 percent of the time. And I mean pain.”
Shannon Stevens, an intake specialist at the Maryhouse women’s shelter in Sacramento, stressed, “There’s no housing available for them because of the lack of affordable housing.” Speaking of the vulnerable conditions for the elderly, she noted: “And then there’s also the issue of physical health issues that come with a great expense for prescription medications.”
Especially in the larger cities, rent in California is notoriously high. A full third of the seniors who live in rental units find themselves spending over half of their income on rent. It is no accident that poverty rates are greater in Los Angeles and San Francisco, where rents are higher.
Add to this the increasing price of food, plus, according to the AARP, an increase in real terms of common prescription drugs used by seniors by more than 100 percent since 2005, and it becomes nearly impossible to get by on many incomes. Given that increasing prices are among the more immediate sources of impoverishment, the figure of 520,000 seniors in poverty in California is likely a conservative estimate.
Gary Passmore, the director of the Congress of California Seniors, said, “People who are turning 65 over the next two decades are generally going to be worse off than people who are retired today. … The average 70-year-old today has fewer assets because of the recession and typically is less likely to have retirement income than their counterparts 15 years ago.”
Rather than implement measures to reverse these disastrous trends, Democrats and Republicans in California are pursuing policies aimed at codifying these conditions as the new normal.
In the aftermath of the 2008 financial crisis, the state pension fund CalPERS, the largest public pension fund in the US, registered losses. Unlike the major banks, which were promptly bailed out, CalPERS’ losses were used as a lever to further attack pensions. The administration of governor Arnold Schwarzenegger responded to the crisis by implementing a two-tier pension structure in which newer pensioners contribute more and receive less. His administration also cut employer and state contributions, putting more of the burden on workers.
A few years later, under the administration of Democrat Jerry Brown, new attacks on pensions came in the form of increasing the retirement age from 55 to 67 for the majority of new public employees. The Brown administration has also implemented cuts to food stamps and affordable housing programs. All of these measures doubtless contributed to rising poverty rates among California seniors.
Today, CalPERS does not have the funds needed to meet its pension obligations, and has unfunded liabilities of over $70 billion.
More recently, the Obama administration moved to slash defined benefit plans for the Teamsters Central States Pension Fund, a move that marks a dramatic escalation in the drive to dismantle pension benefits.
At local and municipal levels, the Democratic Party has been no less severe than the Republicans in the drive to dismantle pension and social programs. Chuck Reed, the ex-mayor of San Jose, and a Democrat, has twice proposed pension reform bills that would eliminate constitutional protections for pensioners in the state.
The cities of Stockton and San Bernardino have both been taken into Chapter 9 municipal bankruptcy proceedings, and the San Bernardino proceedings are still ongoing. As in the case of Detroit, municipal bankruptcies have been used to undermine obligations to pay retiree benefits such as pensions and health care.
The doubling of the poverty rate for California seniors exposes the claims by the Obama administration that the United States is in the midst of an “economic recovery.” Instead, the economic crisis is reflected in deteriorating conditions for the most vulnerable sections of society.
Democrats silent as one million lose food stamp benefits in the US
By Patrick Martin
4 April 2016
New study says entire regions of US will remain in slump until the 2020s
By Jerry White
A new study by a University of California-Berkeley economist says that at current sluggish levels of job growth, entire regions of the United States, which were hit hardest by the Great Recession will not return to “normal” employment levels until the 2020s. This amounts, to “more than a ‘lost decade’ of depressed employment” for “half of the country,” wrote economist Danny Yagan.
21 March 2016
The new study is one of many showing that the fall of the official unemployment rate, touted by the Obama administration and the news media as proof of a robust economic recovery, if not a return to “full employment,” is largely based on the fact that millions of workers fell out of the labor force in the years preceding and following the 2008 financial crash.
The labor-force participation rate fell to a 38-year low of 62.4 percent last fall, and only climbed up to 62.9 percent in February. According to the Economic Policy Institute, February’s official jobless rate of 4.9 percent—the lowest since the pre-recession level of 4.7 percent in November 2007—would really be 6.3 percent if the country’s “missing workers” were included. These include 2.4 million workers who have given up actively looking for work.
Yagan based his findings on a detailed study of some 2 million, similarly paid workers in the retail industry in order to calculate employment patterns across different local areas and to account for occupations that might have been particularly hard hit in one region.
He found that the areas hardest hit by the recession, which began in December 2007 and officially ended in June 2009, continued to have high levels of joblessness in 2014. His map of these distressed areas includes all of Florida and parts of Arizona, Nevada, California, Colorado, New Mexico, the Dakotas, Michigan, Indiana, Ohio, Georgia, Connecticut, New Hampshire and other states.
While different areas of the country are often hit differently by an economic downturn, an article in the Wall Street Journal on Yagan’s study noted, these economically distressed areas generally return to normal levels of employment chiefly because workers move to find work in areas with a higher demand for labor. In the case of the “Great Recession,” however, the mass layoffs resulted in “muted migration,” according to other studies cited by the Journal, and workers simply fell out of the labor market.
“Unlike the aftermath of the 1980s and 1990s recessions,” Yagan wrote, “employment in hard-hit areas remains very depressed relative to the rest of the country.” Living in areas like Phoenix, Arizona, or Las Vegas, Nevada means confronting “enduring joblessness and exacerbated inequality,” Yagan wrote. “If the latest convergence speed continues, employment differences across the United States are estimated to return to normal in the 2020s—more than a decade after the Great Recession.”
The lack of decent job opportunities in large swathes of the country has created a reserve army of unemployed and underemployed workers who are competing for a shrinking number of jobs in areas that are more or less permanently distressed. Last month’s Labor Department employment report noted that the average annual unemployment rate in 36 states, plus Washington, D.C. was higher in 2015 than the average unemployment rate for those states in 2007.
The majority of unemployed people in the US do not receive unemployment insurance benefits, according to the National Employment Law Project, with just over one in four jobless workers (27 percent), a record low, receiving such benefits in 2015.
The details of these studies will come as no surprise for tens of millions of workers across the United States who face unprecedented levels of economic insecurity, ongoing mass layoffs, and more than a decade of stagnating or falling real wages. This has fueled the growth of enormous discontent and the initial stirrings of class struggle by American workers, which the trade unions and both big business parties have sought to channel in the direction of economic nationalism and hostility to workers in China, Mexico and other countries.
In fact, US workers are being subjected to the same attacks as workers around the world. The reports on the employment situation in the US coincide with a continual massacre of jobs in the world’s steel, oil and mining industries, with 1.2 million steel and coal mining jobs targeted for destruction in China alone.
Continual layoffs in the US have been driven by the plunging price of steel, petroleum, coal and other commodities, which has been generated in large measure by the fall in demand from China and other so-called emerging economies. Last week, St. Louis, Missouri-based Peabody Energy, the largest coal mining company in the world, announced it could soon file for Chapter 11 bankruptcy, after its share values fell 46 percent over the last six months.
Peabody has already cut 20 percent of its global workforce since 2012, while spinning off large sections of its operations in order to cheat retirees out of their pensions. The company’s announcement follows bankruptcy filings by both Arch Coal and Alpha Natural Resources and a similar threat from coal mining giant Foresight Energy. In its press release, Peabody pointed to the collapse in the coal market, where the price per ton has fallen to $40 from $200 in 2008.
The steel industry continues to wipe out jobs, with 12,000 steelworkers already laid off or facing imminent job cuts. The largest US steelmaker, US Steel, has slashed thousands of jobs in Texas, Illinois, Ohio, Indiana and Pennsylvania. The aluminum giant Alcoa is just weeks away from closing its smelter in Warrick County, Indiana, wiping out another 600 jobs. Meanwhile, the United Steelworkers (USW) union is pushing for protectionist measures against China, Brazil, Russia and other countries, even as it pushes through concession-laden contracts at US Steel, Allegheny Technologies and now ArcelorMittal.
Early last year, the USW betrayed the strike by thousands of oil refinery workers, blocking any struggle against the brutal restructuring of the industry that is now underway. The plunging of oil prices triggered more than 258,000 layoffs in the global energy industry in 2015—with the number of active oil and gas rigs in the US falling 61 percent. Analysts anticipate a new round of job cuts and bankruptcies in early 2016.
Texas has lost 60,000 energy-related jobs alone, or one-fifth of the workforce in that sector in the state, with North Dakota and Pennsylvania also being hard hit. The current US unemployment rate for the oil, gas and mining sector is 8.5 percent, but could top 10 percent by February, double the national jobless rate.
Last month, the air conditioner maker Carrier announced it was eliminating 1,400 jobs at its Indianapolis plant and a nearby facility, and shipping production to Monterrey, Mexico where wages are approximately $6 an hour. A video shot by a worker, capturing the explosive anger at a meeting of plant workers when a manager makes the announcement, has been viewed millions of times.
Far from organizing any resistance to the closure of the factory and destruction of jobs, however, the USW is collaborating with United Technologies Carrier management to carry out an orderly shutdown and the retraining of displaced workers for lower-paying jobs.
The USW is hostile to any fight to unite American workers with their brothers and sisters in Mexico, who have been engaging in growing resistance to the exploitation by the transnational corporations. USW officials are telling workers to rely on the Democratic Party to implement protectionist trade measures to “save jobs” and “take our country back.” Local and regional union officials have had nothing but kind words about Donald Trump’s efforts to swindle workers with economic nationalist appeals.
The unions have long used economic nationalism to undermine the class-consciousness of workers and to promote the corporatist outlook of “labor-management partnership.” In the name of making the corporations “competitive,” the USW and other unions have suppressed every struggle against plant closings, job cuts and the destruction of wages and benefits.
This has coincided with the political subordination of workers to the Democratic Party, which under the Obama administration has spearheaded the attack on workers’ jobs and wages and the historic transfer of wealth from the bottom to the top.
USW Local 1999, which claims to represent Carrier workers, is urging them to support Democrat John Gregg for Indiana governor. A former land agent for Peabody Coal and lobbyist for Amax Coal Company, Gregg served as the honorary chair of Hillary Clinton’s 2008 campaign in Indiana, and was a proponent of austerity and corporate tax cuts while Speaker of the state Legislature.
"As alarming as those numbers are, it's gotten a whole lot worse. It's the reason why in both 2013 and 2015 I introduced legislation, the "Remittance Status Verification Act," to fix this. I call this the "Wire Act" for short."
ON THE STATE LEVEL ALONE, MEXIFORNIA HANDS LA RAZA $30 BILLION IN SOCIAL SERVICES.
THE COUNTY OF LOS ANGELES CHIPS IN ANOTHER BILLION FOR THE LA RAZA ANCHOR BABY BREEDING FOR GRINGO WELFARE PROGRAM.
NOW..... HOW MUCH DOES THE MEX DRUG CARTELS HAUL BACK? SOME ESTIMATES PUT THE NUMBER AT $40 - $60 BILLION!
BLOG: IT IS ESTIMATED THAT THE COUNTY OF LOS
There are the billions of taxpayer dollars used to subsidize illegal immigrants' health care and education. There's the revenue we lose out on when illegal immigrants don't pay income taxes. And there's a less recognized pot of billions — the billions of dollars of earnings that illegal immigrants wire out of the United States with no tax or penalty.
We need to crack down on illegal immigrants wiring money out of the U.S.: We need to crack down on illegal immigrants wiring money out of the U.S.
Study: Employment rate of illegal immigrant men far higher than for legal immigrants and natives
According to Borjas' paper, the "employment rate of undocumented men is 86.6%, as compared to 73.9% for natives and 77.8% for legal immigrants," and this gap has been widening since the mid-1990s.
The study shows that about 10% of all persons in their early 30s are undocumented. In addition, 23% of illegal immigrants live in California, 7% reside in New York, and 15% live in Texas.
Borjas reached the following conclusions:
Even after the regression exhaustively controls for... skill differences -- and adjusts for the possibility that economic conditions varied dramatically over time for each of the narrowly defined skill groups, as well as for the possibility that economic conditions varied dramatically among the different geographic regions where the three groups tend to settle -- it is still the case that the employment rate of immigrants, and particularly that of undocumented immigrant men, increased dramatically relative to that of native-born persons.More evidence that illegal immigrants are both taking jobs away from legal Americans and undercutting their wage bargaining power.
US employment report: Payrolls rise, wages fall
By Barry Grey
President Barack Obama seized on the February employment report, released Friday morning by the Labor Department, to tout the supposed “success” of his economic policies and paint a picture of a thriving US economy. The report, which showed a larger-than-predicted growth in private nonfarm payrolls of 242,000 jobs, confirmed that the US economy was “the envy of the world,” Obama told reporters at a White House appearance.
5 March 2016
“The fact of the matter is that the plans that we have put in place to grow the economy have worked,” he boasted.” He derided “an alternative reality out there from some of the political folks that America is down in the dumps.” He countered, “America is pretty darn great right now.”
He did not attempt to explain why the “alternative reality,” which his labor secretary, Thomas Perez, attributed to “fear-mongers and fact-deniers,” is believed by tens of millions of Americans, whose anger over economic injustice is dramatically reflected in the current election campaign.
One does not have to look too closely at the Labor Department’s report, however, to get an idea of what is fueling the social indignation of working people in the eighth and final year of the Obama administration. Behind the top-line number for new jobs and the quasi-fictional official unemployment rate of only 4.9 percent, ongoing trends with disastrous consequences for the working class are evident. They account for two other important indices in the report: a decline in average earnings from the previous month of 3 cents, or 0.1 percent, to $25.35, bringing the increase for the year down to just 2.2 percent, and a fall in the average private-sector workweek of 0.2 hours to 34.4 hours, a two-year low.
These two figures arise from the fact that the vast bulk of new jobs created in February were low-wage and a huge percentage were part-time. The low-paying service sector—retail, bars and restaurants, health care—accounted for 245,000 jobs. The reality of recession in basic production was reflected in a 16,000 decline in manufacturing and the loss of another 19,000 mining jobs, bringing to 171,000 the total decline in mining since September 2014. The only better-paying industrial sector that saw an increase was construction, which recorded a gain of 19,000.
Another figure highlights the hollow and socially regressive character of Obama’s so-called “recovery.” The financial cable network CNBC pointed out that according to the Labor Department’s household survey, which is the basis for the unemployment rate figure (the figure on payroll growth is derived from a separate survey of business establishments), full-time jobs increased in February by only 65,000, while part-time positions increased by 489,000. This means that a mere 11.7 percent of new jobs in February were full-time!
These statistics point to the fact that the American ruling class, through its instrument, the Obama administration, has utilized the financial crash of 2008, for which it was responsible, to fundamentally reorganize the US economy, transforming it into a low-wage system. The millions of decent-paying jobs that were destroyed have been largely replaced by poverty-wage, part-time and temporary jobs.
The median household income has fallen sharply. Pensions and health benefits have been gutted, schools closed by the thousands, teachers and other public workers laid off by the millions. At the other end, the Federal Reserve and the US Treasury have pumped trillions of dollars into the financial markets, driving up the stock market and bringing the concentration of wealth at the very top to unprecedented levels. This is what Obama lauds as “success.”
Meanwhile, millions of Americans remain mired in long-term unemployment. The number of long-term unemployed, defined as without work for 27 weeks or more, was essentially unchanged at 2.2 million in February. This number has not shifted significantly since last June. The long-term jobless accounted last month for 27.7 percent of the unemployed, a far higher percentage than in any previous period categorized as an economic recovery.
A broader measure of unemployment that includes people working part-time but wanting full-time work and those too discouraged to seek employment registered 9.7 percent last month, nearly double the official jobless rate. There are, in addition, millions of people who have dropped out of the labor market and are not even counted in government employment reports.
While the employment-to-population ratio edged up to 59.8 percent and the labor force participation rate rose slightly to 62.9 percent, both measures remain extraordinarily low by historical standards.
The impact of soaring social inequality and falling living standards for broad sections of the population is reflected in a growing crisis in the retail sector. This week, sporting goods chain The Sports Authority filed for Chapter 11 bankruptcy protection and announced it was closing at least 140 of its 463 stores and laying off 3,400 of its 13,000 employees. This follows recent announcements by Walmart, Sears/Kmart and Macy’s of hundreds of store closures and thousands of layoffs.
DON'T BELIEVE THE LIES! IT'S ALL LA RAZA PROPAGANDA TO EXPAND MEXICO'S OCCUPATION!
MILLIONS OF MEXICANS HAVE MILLIONS OF AMERICAN JOBS WITH STOLEN IDENTITIES. THEY ALSO DRIVE ILLEGALLY, CONTRACT ILLEGALLY AND SEND BACK TENS OF BILLIONS IN DRUG PROFITS TO NARCOMEX.
THE DEMOCRAT PARTY HAS LONG BEEN SABOTAGING STATES' ATTEMPT TO CURB LA RAZA FASCIST FROM VOTING.
MEXICO KNOWS THAT THE 40 MILLION LOOTING MEXICANS DON'T HAVE TO BE "PERMANENT RESIDENTS" TO GO VOTE FOR MORE!
HILLARY CLINTON HAS ALREADY PROMISED THE MEX OCCUPIERS 49 MORE MEXIFORNIAS!
Mexican government urging US immigrants to become citizens and vote
The pious declaration from the Mexican government that they are not "interfering" in the U.S. election fails the smell test.
Joel Diaz doesn’t want to wait to see how it all turns out. The Mexican-American, who has been a permanent resident of the U.S. for six years, arrived at the Mexican consulate in Chicago on Saturday with his wife and four adult sons to register all of them as U.S. citizens in order to vote against Trump.
"We’re very worried," Diaz, 47, an evangelical pastor, said. "If he wins there will be a lot of damage against a lot of people here, and to us as Hispanics, as Mexicans."
Laura Espinosa, deputy consul in Mexico’s consulate in Las Vegas, said the main goal of the program is citizenship, and while that includes the right to vote, the government doesn’t press people to do so. "Those who use this to vote, that’s up to each individual," said Espinosa, who confirmed that most consulates have begun citizenship campaigns. "We don’t have any opinion on that, because that would be totally interfering in internal affairs of the country."
The government in Mexico City is holding off on engaging the Trump campaign directly until he becomes the nominee, said Francisco Guzman, chief of staff to Mexican President Enrique Pena Nieto. Speaking with reporters on March 1, Guzman said the government plans to communicate with the campaigns of the nominees once they’re chosen and try to dispel what it considers misinformation about Mexico and Mexicans.
The public-relations offensive now under way includes using news outlets and social media to highlight the strides Mexicans have made in business, the arts and academia in the U.S., said Paulo Carreno, the former spokesman of Citigroup Inc.’s Mexico unit who oversees the country’s international branding strategy.
Promoting Mexico in the U.S., from its scholars to artists, is meant "not to influence an election, but a whole generation and those that follow," Carreno said in an e-mailed response to questions. "The strategy will be an important anchor in our consular network in the country."It should be noted that the chances of the Mexican government succeeding in getting enough of their people to become U.S. citizens so that they can make a difference in the 2016 election are low. But over a period of years, that could change – especially if the Republicans continue to refuse to compete for the Hispanic vote. Immigration issues are not the end-all and be-all for Hispanics in the U.S. They have the same concerns as any American about the economy and the culture.
Not even trying to persuade Hispanics that the GOP's agenda would be better for them than the Democrats will continue to make any national election and uphill climb for the Republican candidate.
Why Washington’s Political Class Is Losing Control
The Washington political establishment has hit the panic button.This town is filled with well intentioned people who believe they are doing the right thing, but far too many have lost their way after years in Washington. Politicians pay more attention to special interests groups and powerful lobbyists writing checks to their next campaigns than listening to the people back home who sent them here in the first place.
This dangerous power vacuum has fueled frustration and created an entirely new breed of disenfranchised voters who are fed up with the status quo. These are real people, their anger is palpable, and it’s not going away anytime soon.
A growing number of Americans are more motivated by this feeling of frustration than any individual political ideology.
COUNTIES HAND OUT EVEN MORE WITH LOS ANGELES HANDING OUT A BILLION DOLLARS FOR THE DEMS' LA RAZA ANCHOR BABY BREEDING FOR GRINGO WELFARE PROGRAM.
MEXICANS GANGS NOW COMMIT NEARLY HALF THE MURDERS IN THIS STATE ACCORDING TO A.G. KAMALA HARRIS, HERSELF A LA RAZA SUPREMACY DEM.
Money's leaving California in a hurry
The number of Californians leaving the state and moving to Texas is at its highest level in nearly a decade, according to datafrom the Internal Revenue Service.
According to IRS migration data, which uses individual income tax returns to record year-to-year address changes, over 250,000 California residents moved out of the state between 2013 and 2014, the latest period for which data was available. The tax returns reported more than $21 billion in adjusted gross income to the IRS.
Of the returns, 33,626 reported address changes from California to Texas, which has been the top destination for individuals leaving California since 2007. Californians who moved to Texas between 2013 and 2014 reported $2.19 billion in adjusted gross income.
The number of returns showing address changes from California to Texas hasn't been this high since the period 2006-07. During that period, 34,078 returns were filed showing address changes to Texas.Fewer Texans moved to California during the 2013-14 period. The IRS reported 21,391 returns with address changes from Texas to California. The returns reported $1.56 billion in adjusted gross income.
"California's taxes and regulations are crushing businesses, and there are more opportunities in Texas for people to start new companies, get good jobs, and create better lives for their families," said Nathan Nascimento, the director of state initiatives at Freedom Partners. "When tax and regulatory climates are bad, people will move to better economic environments—this phenomenon isn't a mystery, it's how marketplaces work. Not only should other state governments take note of this, but so should the federal government."
According to Tom Gray of the Manhattan Institute, people may be leaving California for the employment opportunities, tax breaks, or less crowded living arrangements that other states offer."States with low unemployment rates, such as Texas, are drawing people from California, whose rate is above the national average," Gray wrote. "Taxation also appears to be a factor, especially as it contributes to the business climate and, in turn, jobs."
"Most of the destination states favored by Californians have lower taxes," Gray wrote. "States that have gained the most at California's expense are rated as having better business climates. The data suggest that may cost drivers—taxes, regulations, the high price of housing and commercial real estate, costly electricity, union power, and high labor costs—are prompting businesses to locate outside California, thus helping to drive the exodus."