If you do, what have you been smoking?
Intel’s Paul Otelini was interviewed by WSJ, and spoke aloud what many, many soon to be ex-California business people are thinking.
Speaking on stage this week at the Intel Capital Global Summit in Huntington Beach, Calif., an annual gathering for executives of companies that Intel has invested in, Otellini was responding to a question from former California Republican Congressman Tom Campbell on whether he was “bullish” on California.
“Oh, God,” Otellini said, “I was born and raised here. I’m fifth or sixth generation. It’s one of the nicest pieces of real estate on the planet, and we’re so close to screwing it up, it’s pathetic. I’d like to be bullish, but I worry that we have to hit the abyss before we can fix things, and I worry that the abyss will be more like Greece.”
Intel, Otellini continued, has not added a job in California in 10 or 12 years and closed its last factory in the state around six years ago.
“Employees have a hard time buying houses, and they have complaints about the schools,” he said. They’re drawn to California despite the state’s high housing costs, heavy traffic and high tax rates because of “the allure of Silicon Valley, but then they get married and have kids, and they’re begging us, ‘Can you transfer me to New Mexico or Arizona?’ We’re not an outlier here.”
Read the rest, and then ask yourself why you keep voting Democrat? It can’t be because you hope for new jobs to magically grow in the unicorn poop that the state uses for job growth medium.
Is it because you believe there’s an inexhaustible supply of rich people to suck from? If so, there’s bad news for you on that front as well:
What has caused California’s transformation from a “pull in” to a “push out” state? The data [from this study – eb] have revealed several crucial drivers. One is chronic economic adversity (in most years, California unemployment is above the national average). Another is density: the Los Angeles and Orange County region now has a population density of 6,999.3 per square mile—well ahead of New York or Chicago. Dense coastal areas are a source of internal migration, as people seek more space in California’s interior, as well as migration to other states. A third factor is state and local governments’ constant fiscal instability, which sends at least two discouraging messages to businesses and individuals. One is that they cannot count on state and local governments to provide essential services—much less, tax breaks or other incentives. Second, chronically out-of-balance budgets can be seen as tax hikes waiting to happen.