Thoughts from Joel Kotkin:
…to thrive and evolve, these firms need a more positive business climate, Sadeghi says. Attempts to impose a wealth tax would not fit into the plans of aspiring entrepreneurs, some of whom have already exited the state.
The Legislature is also mulling over a proposal to reduce the workweek to four days or 32 hours, and has already passed a host of bills meant to regulate small businesses, such as fast-food outlets. This will not help encourage entrepreneurs to start businesses here.
Essentially, California can go one of two ways. It can continue on its current path, toxic for its middle and working classes, driving away even long-established businesses, and hope that another tech bubble will come around to pay the price for immiseration. Or it can focus, as it has before, on improving basic infrastructure such as roads and water, and on creating opportunities for entrepreneurial ventures that will benefit the state’s citizens and communities.
Unfortunately, my money’s on continuing on the current path.