Best Story All Day -- Yesterday -- Elon Musk Moving To Texas -- Leaving California -- July 17, 2024

Locator: 48162CALIFORNIA.

Elon Musk:

• personal domicile / state residence to Florida, no income tax;
• SpaceX? Texas
• X? Texas

It's such a great story, I may post it again, for a third time tomorrow. Now, where does "X" and SpaceX go? Houston area or DFW area? Could he move SpaceX closer to operations in south Texas? Doubtful. His engineers would prefer to live in the Big D or Houston.

Say what you want, that's a lot of money leaving California. 

The state was already in a death spiral with regard to businesses. To "solve" budget crisis -- actually 'kick the can down the road," the state will  pause some business tax credits to address a remaining revenue gap estimated at $56 billion over the next two years.

Wow, wow, wow. I knew it was bad but this is even worse than expected. The state is making huge cuts across the board and yet, after all those cuts, the "remaining revenue gap is still estimated to be $56 billion over the next two years.

The numbers are here. Full story here; wow, this is bad.

In round numbers, and I'm sure one can come up with any numbers one wants (my numbers could be way off; if this is important to you, go to the source):

• budget deficit in 2023: $32 billion
• this year, 2024: $50 billion (one data point does not make a trend, but in this case ...)
  
• cuts in this year's budget to "kick the can down the road": $16 billion
• budget just signed: $300 billion
• includes bond issue for schools and climate: $20 billion 
• "revenue gap" over next two years: $56 billion

No one wants to bring bad news to the governor, so I assume the estimate for the next two years is based on rosy revenue forecasts, and, of course, those forecasts were before Musk announced he was moving X and SpaceX out of California.

One assumes the rosy revenue gap was based on Californians voting "YES" on that $20 billion bond issue that works out to $500 to each Californian.

Under a Biden administration, Newsom could count on support from the federal government if push came to shove (issues of solvency); I'm not sure Trump would be so helpful.

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An Aside: Alternatives To Wiki

Wiki and google have their place when "searching."

But, for another look that might be more helpful for some issues, two other options:
Reddit: well known to many as a search engine for young folks;
X: this might be better than folks think

Suggestion: go to X and search "California budget."

Just a sampling:

Link here. Link here. Link here.