John R. Smith: CNBC Ranks Florida #1 in ‘America’s Top States for Business’
The country is swarming with political issues. Everyone has a beef or beefs. Rightly so, because the U.S. is moving down the wrong track, chugging along to the off-key musical beat of too many leftists in powerful positions. The jury is out on whether we can pull ourselves out of this swampy morass of destructive government policies.
Of all the troubling controversies afflicting the nation, the foremost issue of our time is government spending, the cause of federal debt. To say spending is “out of control” does not even begin to describe the seriousness of the dilemma. It’s all about red policies vs. blue policies. This spending beast raised its head recently when the Executive Branch tried to separate the Congressional debt ceiling from the federal budget; this is because federal spending is uncapped and has become “a matter of survival for the entire blue ecosystem—Washington, blue states, and blue cities,” as the Wall Street Journal put it.
These blue government jurisdictions are groaning under the strain of fractured infrastructures, falling under the weight of self-destructive, leftist legislatures and city commissions that have spent themselves into massive debt. They can no longer protect their citizens against crime waves or the violence of the homeless and can’t even supply adequate housing. One reason for their failures is to look at how blue states and Washington spend their money. A significant money sponge is climate spending. And massive dollar amounts go to unions, mass transit, and subsidies for alternative energy companies that deal in wind and solar. Record amounts of federal money go to subsidize all-electric vehicles, battery plants, and storage technologies.
National inflation remains above target because of the Biden $6 trillion spending spree. The Biden administration does not understand how the world works; for one thing, they have declared war on “evil” business profits because they don’t know that profits are the engine of economic growth, job creation, and innovation. One of the reasons for their ignorance is that almost none of Biden’s executive branch appointees have ever worked for a private business.
Our federal government is $32.6 trillion in debt, 1.3 times the size of the U.S. GDP. This means about $3 trillion must be spent yearly to refinance the debt, and another $1.4 trillion of new bond issuance must occur annually to carry the current deficit. This results in spending $1.2 trillion in additional interest payments each year, about 10% of the total budget.
Some states have economies better situated than others to navigate the treacherous reefs of bloated federal and state spending. Blue states whine about the erosion of their blue tax base because their most successful citizens and businesses are jumping ship and migrating to red states, where they are more appreciated.
Capital goes to where it is welcome and where it is well-treated.
This year, Florida is Number 1 in the country in CNBC’s annual America’s Top States for Business. Our economy is white hot. This study looks for overall economic growth and annual job growth, the health of state finances, the housing market, and new business formation.
The future continues to look bright in Florida, with people flocking to migrate here.
Public spending is the primary political and social issue of our time. Next year, our elections will be about whether the federal government should use the red or blue-state models. It will be about whether we continue to pile up fiscal debt that can’t be repaid. It will be about whether the government should wallow in entitlements and bailouts that give away confiscated tax money from the productive among us or whether fiscal responsibility and common sense are the right way to run the government ship. If leftists win the elections, it means a shipwreck.
Other stories you may want to read:
- John R. Smith: Palm Beach County Progressives Never Stop Trying to Take Our Money - November 25, 2023
- John R. Smith: The United Nations Is Not Just Useless, It’s Dangerous - October 31, 2023
- John R. Smith: World Disorder Is Expanding at Warp Speed - October 10, 2023