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Tags: john jordan | california | taxes | companies | fortune | gavin newsom

Economist Jordan to Newsmax: Companies Bolting From California

By    |   Thursday, 03 November 2022 03:34 PM EDT

Economist John Jordan, who's on the board at the Hoover Institution, related a simple explanation for recent reports of 11 Fortune 1000 companies moving their headquarters out of California since 2019, along with 41 businesses bolting from the Golden State in 2021 alone.

"As an economist, it's very easy to understand: Incentives matter," Jordan told Newsmax on Thursday afternoon, while appearing on "American Agenda" with hosts Bob Sellers and Katrina Szish.

Jordan reasoned that Democratic Party leaders in California — or "the 'museum of head injuries' that run" the state — are "doing everything they can to drive out businesses" to other regions.

Jordan said, "Just look at downtown San Francisco ... more than half the commercial real estate [available] is empty."

With each passing year, Jordan said California will continue to lose more people and more established companies from its base.

Also, the rampant homelessness in major cities hasn't been sufficiently addressed, said Jordan.

As a result, Jordan said that California's remaining citizens and companies would be left to cover the obligations for one of the highest-taxed states in the union.

The high taxes in California "grab the headlines," said Jordan. "But it's also the regulatory burden which functions as a hidden tax" for current companies and prospective businesses pondering a move out West.

Put it all together, and Jordan said the high taxes, prohibitive cost-of-living, and diminishing quality of life have led to Democrat leaders creating a "menagerie of public policy" decisions.

"California hasn't hit rock bottom yet, but they're also not too far off," said Jordan.

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Economist John Jordan related a simple explanation for recent reports of 11 Fortune 1000 companies moving their headquarters out of California since 2019, along with 41 businesses bolting from the Golden State in 2021 alone.
john jordan, california, taxes, companies, fortune, gavin newsom
304
2022-34-03
Thursday, 03 November 2022 03:34 PM
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