The Political Disaster That Is California - David Friedberg

The gist

1. Friedberg says about a third of the people he talks to have left California, and an informal survey found close to 87% of tech leaders plan to leave.
2. Friedberg cites the $30 billion bullet train and a $220 million homeless program that got six people out of poverty as examples of wasted spending.
3. He says pension promises to public employees leave California an estimated 600 billion to a trillion dollars short, with healthcare promises also unfunded.
4. Friedberg warns the 5% billionaire tax lets lawmakers later change the rate and threshold, like the income tax that began at 1% and later reached 94%.
5. He argues a wealth tax ends private property rights and could spread nationally, while countries like China would gain if the US rejects abundance.