Why Florida and Texas are booming (and NY and California are not) | Economist Joseph Politano
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- เผยแพร่เมื่อ 21 ก.ย. 2024
- The winners of the remote work boom? Utah, Arizona, and Maine. Here’s what the US’ post-pandemic migration looks like.
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In the wake of COVID, rising populations are shifting out of states like New York and California and moving to previously less-popular landscapes. The biggest beneficiaries of the post-pandemic economy have been states in the American South, including Texas and Florida, which has seen the fastest GDP growth of any state since the start of COVID, at more than a 20% increase.
What is driving these shifts in economic geography? Economist Joseph Politano points out that the most obvious factor is the increasing remote work possibilities. Some of the biggest states to lose residents have been dense, urbanized, unaffordable areas, and some of the biggest winners have been less dense, suburban, more affordable areas. People, when given the flexibility to tele-work, choose places that are more spacious suburban states than they did before the pandemic.
California and New York are going to have to reform a lot of their policies around housing, construction, and transportation if they want to compete in this new economy. And if they don't, the exodus to states like Texas and Florida will only continue.
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About Joseph Politano:
Joseph Politano is a Financial Management Analyst at the Bureau of Labor Statistics working to support the Labor Market Information and Occupational Health and Safety surveys that BLS conducts. He writes independently about economics, business, and public policy for a better world at apricitas.substack.com.
One of the things I tell my parents is that the cool thing about studying data science is that I can show exactly why I am unemployed with cool graphs and tables.🙃
It'll get better, hope you're feeling better now.
Will get better, I’m saying this as a data engineer who studied data science. Took a while at first. Volunteer your abilities and take any job you can, and you will eventually get one of those lofty jobs where you work remote and get paid well
Get on the tools using the latest AI. Companies are scrambling to find folks who can help them leverage the latest AI tech.
Several of the charts are visually misleading, particularly in regard to California, placing 16% or 17% as the x-axis. Honesty in data visualization should be part of fact-checking and due-diligence of a channel committed to scientific inquiry and honest public discourse.
Lol pathetic Californian can’t accept reality that his state is in massive decline😂😂
Not to mention the first two GDP figures for Florida and Texas (20.9% and 14.8% respectively) are said to be "since the start of C19", whereas GDP figures are usually expressed on annual terms, giving the impression that their economies are growing a lot faster than they actually are to the regular person.
@@erickpalacios8904 Still growing faster than DEMOCRAT strongholds
@@Agtsmirnoffimagine thinking everything is political. What’re you gonna do when both FL and TX flip blue this election 🤣🤣
@@bluestar1234able you think Florida is going blue??? 😆😆😆
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
Certain Ai companies are rumored to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
This is all new to me, where do I find a fiduciary, can you recommend any?
‘Grace Adams Cook’ , is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran a Google search curiously for her name and came across her website; thank you for sharing.
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself.
I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy.
How
..? Am a newbie in crypto investment, please can you guide me through on how you made profit?
Thanks to Mrs Jane Davis.
She's a licensed broker here in the states
"California's GDP in 2023 was $3.8 trillion, which is about 14% of the total U.S. economy. California's economy is the largest in the United States and the fifth largest in the world." Statista _ 2023.
Neither Texas nor Florida are even half that.
California has been going woke and would be going broke, but the weather is just phenomenal so it has the luxury of always attracting enough people who are willing to pay the price.
not to mention nyc. seems like this video title is a bit misleading
@@jasonmitchell7550 I'm sorry you were click baited into watching something educational.
@@eatmanyzoos No, educational is usually factual. Didn't quite make it with that crap. Texas and Florida have went as far up the chain as they'll ever get. Not set up for success. Intolerance; yes. Productivity; no.
Yes, and California is bleeding the very source of those figures to Texas and Florida. They are even loosing representatives in congress and electoral votes. You Trumpeting the past while ignoring the future and I'm sure you will be fine.
These places are great if you aren’t working class. Native floridian here, and the value of my labor has decreased every year since I joined the workforce. Wages are not living wages here.
It’s because the cities are unaffordable now.
These cities became unaffordable because of Socialist democrats in the example of my hometown of NYC.
Many people I grew up with had to move to another state because of all the taxes that helped illegals instead of tax paying citizens.
Crime and inept politicians are another factor. Thanks De Blasio for starting the downfall of NYC back in 2014!
@@KINduz3jp No, it’s not. The cities are unaffordable because transplants who have money buy up all the properties. There’s always a market for real estate in cities due to higher demand for jobs, which is causing prices to rise and people who are native to the cities to move out. De Blasio did ruin NYC but he’s not responsible for the insane rent prices that we are seeing post-pandemic. Your tax dollars are not going to help illegals. I’m an accountant in NYC. Turn off Fox News.
The weather and natural beaty in California is second to none. Unfortunately, what will continue to occur is that lower income people will leave the state to seek better opportunities in the booming states mentioned, while affluent people will continue to move to California's premiere locations, thus creating a larger wealth divide. Can't say the widening divide is good for anyone, we'll have to wait and see how it turns out.
These 2 states growing +20% and +14%, while the US is growing 2% per year effectively means that there are states with negative growth rates.
But on average, the US is not actually benefiting, only the runners from taxation are.
Whether running from taxation is good or bad is not what I'm arguing on
There are currently no states with negative growth rates because they are just replacing the American citizens that moved away with new illegal immigrants. which will guarantee their census number will stay high as well as keep the federal funding coming in.
CA gets to reap what it sows...I'm fine with that honestly. It was too much wealth and power concentrated in one state anyway.
There are atleast 2-3 other states that don’t have state income taxes. I don’t see people going there. CA is the stupidest state in terms of govt. they want to regulate everything and people don’t like it.
This 💯 the beneficiaries are the runners.
Keeping more of your income is always a good thing.
Not one hint of politics here, really?
I was thinking the same lol
No mention of Covid state response driving migration? Or did I miss it?
@Travlinmo because it honestly wasn't a huge factor besides social media rambling. A lot of individuals did not uproot and make long-lasting financial decisions because of less than a year of COVID policy especially since most COVID shutdowns actually benefited individuals since they had an excuse not to have to go into offices or waste money and time in traffic. Housing, taxes, cost of living, and nicer areas to live were all much larger factors
He mentioned politics. The decision to be NIMBY or YIMBY is a political choice.
He literally said that CA and NY are going to have to reform policy if they want to keep up and stop the migration of people leaving
There's a lot of fraudster and scammer in Florida
This video identified about half the reasons. If you talk to people that have left CA for example, those aren't the reasons they give.
Housing, income taxes, cost of living, and nicer areas are all the main factors
Texas is getting worse every year for the working class .
GDP is good for rich ppl not the working class.
All the new homes in Texas and I will never be able to afford one .
Wow, you really have no idea how economics work, do you
Work harder illegal aliens have no problem finding homes in Texas
Tech jobs have moved to TX they are the new working class
What city do you live? I live in Spring, a suburb north of Houston. The economy is booming everywhere I look. Couldn’t be better for the middle class.
@@KAZVorpal Wow, you really don’t know how to present an argument without being condescending,
One of the reasons I’m staying in a less affordable state is because the affordable ones won’t be affordable for long because everyone is moving there 😀. Can you imagine living in Florida in about 10 years? Hell no. The less affordable states will balance out and more affordable will get pricey and too saturated
Yeah I'm not mad about it,, Cali could and would be better with about 7 or 8 million less people. Especially people who have no love for the state and it's identity. Just want a cheap McMansion in the suburbs. See ya later I guess😅
GDP doesn’t always correlate with social progress and happiness
America for example, is generally malnourished, obese, and illiterate. But their GDP is amazing.
It doesn't really matter if Texas and Florida are America's new economic powerhouses because the US has shifted from a society built as a inclusive institution to a extractive institution which will continue to widen the wealth gap between "lords and serfs". It doesn't matter who you vote for, the US dollar continues to lose value as national debt skyrockets because of decisions in Congress that make a select few rich and the common men poorer.
The same thing happened to the Romans when they shifted from a Republic to an Empire and eventually collapsed.
The bigger the boom the bigger the bust in the recessions
Good connection to the Roman's. They implemented currency devaluation very similar to what most developed nations do now
Why would you say it doesn’t matter who you vote for when there’s one party constantly advocating for an ever expanding government?
@@jasonmitchell7550 Mississippi has been a conservative state for a very long time and it's the poorest state in the union and it's been that way for a very long time. You still seem to believe this is a "party issue" which is f*cking sad.
Been hearing the same line of bull since 1980. Yet, here we are.
The same thing happens to all human organizations. They age and become self serving and fail to meet the needs and thus purpose for their existence. It’s called “Iron Law of Oligarchy”. What happens next is a return to the historical mean which is what your referring to, serfdom for the masses.
Yes, true but they don't discuss about the unrelenting property taxes, homeowner insurance rates, HOA fees, environmental disasters, no rent control, etc.
no rent control. It is hilarious you said that. Why do you think the real estate prices in cities with rent control are so high? Rent control = no incentive for new construction = higher prices for real estate = fewer home owners = more money spent renting.
Property taxes are horrendous in TX!
the property tax rate might be higher, but the equivalent property price is lower, so the net amount of property taxes you pay in Texas in comparable to that of California
insurance rates suck everywhere, California have wildfires and Florida have hurricanes
TX is not that bad when it comes to natural disasters, mostly tornados here and there
rent control: when are you kommies gonna learn that price controls cause other negative, unintended side effects?
You actually think rent control is a good thing😂😂
Happy to see the boys shitting on rent control 🫡🫡
Texas and florida are creating massive housing bubbles just like what happened to California in 2007… Suburban sprawl is awful for longterm economics. Only even possible because the Federal government subsidizes those rich developers. Waste!!! Density matters! It directly correlates to affordability and sustainability.
It's only a housing bubble when the growth is irrespective of basic economics like supply and demand. All three are increasing because of of a lack of supply and high demand that's not a bubble.
@@seanthe100 California was increasing too… what your not considering is growth is not finite. At some point the growth slows down and the cost of infrastructure that subsidized sub-urban sprawl catches up…
Density correlates to affordability ? How wrong can you possibly be ?
@@PastPerspectives3 look into it. Suburbs are subsidized and cost our society more than they contribute. Pretty simple actually…
Not everyone wants to live like an animal in a cage that's what you get in places in urban places with high population densities unless you're rich. Some people want to enjoy the outdoors in privacy and not have to share that space. Some people want to grow things on the land they own. I don't get the appeal of living in a coffin home, a tiny apartment where you don't even have enough space to stretch.
He conflated urban/suburban with pricey/affordable a bit. Given the choice, many people who can telecommute would still live in a big city if it was affordable, and in some places it is.
Florida is overpopulated, I have been trying to get a decent and well pay job for 3 months already, there is enormous surplus of work force, very, very few openings and bunch and bunch of people applying for a single job 🤦🏻♂️
The pandemic and DeSantis worse policies opening wide the state to any one moving to this state is killing us, real state, insurance, groceries and every single thing here is skyrocketing prices, I missed when Florida was nice and quality of live place to live.
I'd say it depends on where you are and what field you are in. Jacksonville, Orlando, Tampa, and Miami are all high cost of living and more competitive than the smaller towns outside. Polk County is still super rural, Osceola County is having its development boom right now. Then you still have the panhandle and the counties near the Everglades that are still straight swamp and marsh. Florida is not overpopulated, the major cities are.
@@joshuamorales1095
You are right, from central Florida to the south, unfortunately that is the area where I am trapped, looks like the rest of the state doesn’t exist, I would like to see all that people moving to those areas that your are mentioning and come back to good times over here, but it is not going to happen, It is what it is, right?
@@joshuamorales1095 Polk county is great if you want to die of boredom
Tbh its not overcrowded but rather its a problem of bad infrastructure which affects the whole US. We are missing mixed housing which is why we only build single family homes which is inefficient and makes our country more dependent on cars. This creates an endless stream of unaffordable housing and overfilled roads in our country. Im from Seattle where its slowly getting better but we need to change the way we build our infrastructure ASAP.
What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my $200k stock portfolio.,..
There are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist.
I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
NICOLE ANASTASIA PLUMLEE' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
When states like California have high taxes, people move to states with lower taxes. This is a simple issue.
Yes, but this video seems to essentially be covering up the issue of corrupt, repressive governments.
What is saved in taxes are paid out in high insurance rates. You are never free
Have you seen the property taxes in Texas and Florida?
@@piRatCaptain Florida is in 6th place and Texas is in 20th place for the highest income inequality in the United States. These weirdos are so simple minded. "but mUh iNcOmE tAxEs".
but the taxes make better schools and infrastructure. that's the deal. its been the deal since the beginning of this country.
Conservative areas thrive. Liberal areas die. This is not a surprise. I moved from NYC to Dallas in 1986. It’s so depressing when I go back “home”; Democrats have killed the Northeast.
A 7 minute video to tell you they charge less taxes than other states smfh.
They get ya one way or another. Low income taxes equal high property taxes. Very unstable energy grid in the south.
Left Key West after 29 years. Talk about broken.
Yes, and what was broken in Key West?
@@HyperionMVhurricanes for one. Insane tourists for another
A contrarian narrative: the migration of people from California to other states does not reflect the weakening of California's economy, but rather its expansion. Remote workers and participants in the creator economy (e.g., TH-camrs, Instagramers), can live anywhere they want, but that is in significant part *due* to the expansion of Silicon Valley economics and business models. BLS statistics do not pick this up in job growth statistics by state, because they are classified as self-employed, when many are functionally subsidiaries of Silicon Valley companies.
You keep telling yourself that. Watch their taxes go even higher now.
Good luck getting homeowners insurance in Florida! Not to mention that Florida will likely be hit with another massive catastrophic weather event soon.
We all have insurance in Florida. Yes, there are hurricanes, something you see coming weeks in advance as opposed to earthquakes, forest fires....
@@HyperionMV about 12% don’t
@@HyperionMVWith the rate of insurance companies leaving that state not everyone does and it will continue to effect newcomers to that state
@@naptime0143 Citizens insurance is an insurer of last resort and will insure anyone. We chose to insure ourselves by putting the money in a CDs i stead of the insurance company's accounts.
A teacher friend of mine just returned from a national convention for teachers, where the main goal was to do professional development for curricula that addresses teaching about climate change. She was shocked to learn that two states have bans on teaching climate change or using the words climate change: Texas and Florida. Economic growth and new jobs are great, but buyers beware.
Ironically, I grew up in Florida in the 70s and learned so much about ecology in and out of school. I hate what is happening to Florida - even now I find it hard to believe, and I'm almost glad I had to move due to lack of affordable housing in 2018 just as DeSantis was being elected.
But then why are Texans and Floridians amongst the loudest complainers about the economy?
Northern California will remain one of the most beautiful places on earth - not everyone will be able to afford to live in CA in the long term.
How's the traffic and electrical grid reliability in those growing areas?
What kind of cherry picking statistics is this.
The top 5 states for high poverty rates are conservative. The top 5 states for receiving federal welfare funds are conservative. The top 5 states with the highest crime rates are conservative. The top 5 states for high illiteracy rates are conservative. The top 5 states with the lowest wages for workers are conservative. The top 5 states for the largest gap in wealth between workers and business owners are conservative. And they manage this all while having smaller populations than liberal states.
Despite what voters have been told by politicians, the fundamental philosophy of conservatism is that the average person cannot be trusted to make their own decisions or to write the laws that govern them, only wealthy landowners have the connections and wherewithal to lead. It is the political ideology most readily picked up and championed by the elites, in a conservative state there is no "We the People".
If you want to experience a system of feudal serfdom, move to a conservative state. You'll be the virtual property of your boss in no time. They've made sure that the conditions are perfect in their states for exactly that all while screaming "FREEDOM" the loudest.
Florida and Texas having a high GDP (something only beneficial to the rich elites) is more proof of that philosophy in action.
The thing right wing voters hate most about democrat politicians is ironically their adoption of conservative methods. Democrats between 1920 and 1970 were the defacto party of the working class, at least until Ronald Reagan showed them how conservatism can make them rich at the expense of workers. All the culture war bs is there to distract you from that fact, they told you that social nonsense is what being a conservative means. All while transferring as many dollars from your pocket to theirs as they can get away with. Conservative ideology is at the very heart of the rot in our government.
Which city do you live in?
@jasonmitchell7550
Ahh the classic whataboutism of calling out those pesky "democrat run cities" as if that makes a difference when we're talking states and nations. Or as if those cities dont have Republicans in the legislature as well who vote the laws in... As per usual with right wing thinking, youre trying to pick the choicest of cherries to "prove" your point. Its based on falsehoods and purposefully omitting facts unfortunately so the argument falls flat when you look at the numbers. Those cities still have less crime per capita than any of the top 5 conservative states even with 3 times the population of those states.
And to answer your question, I don't live in a city, I dont like having neighbors. I'd take any of those cities, neighbors, crime and all, before I moved to a conservative state however.
How many of those states are being overrun with illegals? How many have the organized shoplifting rings that are permanently closing down retail stores including large chain stores? How many of those states let me have my guns without a hassle? How many of those states keep men out of women's bathrooms? Cite all the cherry picked data you want, liberal states are liberal because of their liberal big cities which are overcrowded, expensive, crime ridden hellholes. I know. I have lived in them.
I also cite the onion for my stats source
Liberal states are that way because of their liberal cities, most of which have become very expensive, crowded, and dangerous sewers to live in.
I moved to Texas in 2020 as a teacher, but it’s becoming unaffordable and increasingly dangerous with crime and traffic. I lived in Houston’s Memorial area. As I thought of buying a home and thinking long term, I realized Houston was not going to improve. I moved back home to Kansas, and even here, I’m seeing tons of California license plates.
Except that they don't need to reform anything. They just have to make employees give up their working remote model, and demand from employees to come to work on site .
Yep saw this coming in California over 20 years ago that the lack of housing would eventually break the state economy. I’m just surprised it didn’t happen earlier.
I moved to Houston in late 1987 for 30 years. Reason was cheap housing and my specialty, Chemical Engineering, was there. There's lot of cheap land there in all directions. However, when I got to retirement, I left and currently live in Ireland, but likely headed back to Chicago. Reason is that it's damn hot in Houston and only getting worse with climate change. Plus, flooding is such a major issue and it is chronically congested and it will never get better.
“We want you to believe red states will save America before a critical election but lets try not to make it political and let folks infer this while also disregarding the rampant socioeconomic and sociopolitical instability for the masses in these particular states”
Got it!
because the big think channel is far right now? Go seek therapy.
It is hilarious that you see anything that does not suit your world view as evil propaganda even if it comes from "your side". You are in a cult, and like most cult members, you don't realize it.
Translation of this comment: “na bruh how dare you show dat deez red states be Betta than blue states right befo election cuz I need welfare for my baby daddy’s child no cap ong fr fr type shi”
@@DivinesLegacyracist
The Great Risk Shift: The New Economic Insecurity and the Decline of the American Dream Revised, Updated Edition
by Jacob S. Hacker (2008) Oxford U. Press
My name is Joseph Politano and I'm pretending to be an economist
I think having a bachelor’s degree in economics and political science does in fact, make you an economist.
@@gideonbrown4215 He probably has a PhD in cherry picking too
@@gideonbrown4215 only a bachelors? isn't that like four years?
@@eatmanyzoos I think that’s right. And that’s four more years of university-level economics than I’ve done.
China's 5.2% growth is pretty sus given they are aging fast, population declining, nobody investing in real estate, manufacturers leaving, and having the negative net FDI for the first time in decades.
This idea that China's population is aging/declining is a little misleading at best and outright copium at worst. To put numbers today China has about 385-400 million people that are between the ages of 18-40. Another 285 million children aged less than 18. That is a much larger work force than of US.
Florida is actually going downhill 😳 (homeowners insurance issues, HOA inflation hikes, and everything else inflating 😂. I'm not saying people aren't foolish enough to move their but the Cons are tremendous.
its about to go down below sea level
Yet more people move to Florida than any other states. Florida is building 200,000 homes a year holding the country up
What’s the tech hub of Florida?
Hmm, there was no mention of state income taxes. I am sure the fact that Florida and Texas have no state income tax have nothing to do with the migration out of California.
Taxes. Red State. That’s why
*❤I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
That's awesome!!! I know nothing about investment and I'm keen on getting started.
What are your strategies?
People dismiss the importance of advisors until they are burned by their own emotions.
I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. He has helped me raise my reserve from $275k to $850k, despite inflation.
If you are using a really good broker or account manager, it's easier to earn from the market
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
Did it really take 8 minutes to say people are leaving California because of prices?
The environment for business is good because of the tax situation. The environment for workers is still crappy because income goes a little farther BUT housing is still expensive and the tax situation for workers is regressive because what you buy is taxed at 8% or more, while state taxes are relatively less than Blue states BUT THE WORKER GETS BUPKIS IN TERMS OF GOVERNMENT SERVICES AND SUPPORT. The electrical system in Texas failed during the latest heat wave and many people died. The system also failed last winter and people froze to death. WAY TO GO Texas! Florida didn’t fair very well when hit by hurricanes and citizens now cannot pay for housing insurance.
It doesn’t mean that much when most of the gdp growth was from people moving there. Florida is still a low-wage economy
this is a short term phenomenon, a couple of more weeks of 100 degree plus of weather, and seawater encroaching on its coast, a couple of hurricanes.
Just saw this short documentary on the Sicily's 1 euro homes. Of the English speakers they spoke to who took that deal, the majority of them are Californian. They escape our state's insanity to a place that is much cheaper but with the same weather.
I mean New York and California are very established states. I always felt like most states were trying to play catch up honestly
Countries and states where government treats people like crap are the most profitable for the few
Didn’t even mention state income tax as another reason why people are leaving
0:41 Love it when smart people have a sense of humor. 😂🙌
It is inappropriate to compare the GDP of a state of USA to the whole country China.
These recipient states also have lower taxes and less local government overreach.
I would probably mention the fact that most of the houses in California and Texas are in places where there are growing natural disasters, there are in California as well don't get me wrong. It just seems that there is more you can do to prevent large forest fires, then hurricanes and floods.
Texas is a huge state. El Paso does not get hurricane or floods or forest fires.
I think you forgot to mention the more controversial issues like rising crime in places like California or Oregon or New York. Issues like over regulation and policy changes that have just been counter to business, New York and California for the most part have been very bad in those categories and that is why we are seeing such a drop in job creations or other areas.
One word: Taxes
Imagine expecting a 1st world nation while paying the bare minimum in taxes.
@@PatrickRockwell24imagine calling the way the US “cares” for its populous ‘1st world.’ How does that boot taste, clown ?
A bit misleading to use percentage points. 1% growth in ÇA is different than 1% in TX or 1% in China.
I like how he didn't make it a thing about blue and red states, but just pointed out the basic facts that are the causes without any political context.
Here’s an idea - why doesn’t California lower the prices of their bloody houses!!
Then how come CA state personal income growth regularly outpaced TX in latest quarters, while state GDP growth generally keeps pace per Bureau of Economic Analysis? GDP grow for 2023 CA - 7.8% vs, TX - 5.6%, FL -6.9% per Wisevoter. Just wishing something is so, doesn't make it so.
Was this just a talking graph? Because this could have been one graph and a caption.
People that dont make it in CA and NY go to Texas and Florida. We have a lot of homeless people here because they rather be homeless in CA than sheltered in your state.
False. 😂😂 Many retirees move to Florida and they often have millions in assets idk if that's "not making it" to you. Not to mention for Young people making $200,000 or more they're overwhelming moving to Florida and NY and CA are loosing massively.
@@seanthe100 the point of the news is how weird is it that people are actually leaving CA and going to Florida and Texas. Nobody saw that coming, I mean come on Florida... Florida...🤣
Love that Big Think is piloting a high school program
why is Louisiana not growing?
“Representative Lisa McClain delivers a powerful critique of federal spending priorities, questioning why $66 billion is spent on illegal immigrants while only $3 billion is allocated to homeless veterans in 2023.”
From
The Highland Horn TH-cam
People are leaving California because the Prices are too high and so is the crime. Thats literally it.
Yes California is worth the most but when the average person can’t afford a house, don’t be surprised when they move somewhere with policy’s that let them afford a house.
North Carolina 🙋🏻♂️
GDP growth going to help the super wealthy that are still dodging their taxes so the working class people get to keep struggling more and more.
Not the 75% of Americans in those states who own homes?
If a remote worker makes the choice to move from, eg, New York or California to Texas or Florida - a big expense & cultural change - why not make a slightly bigger jump and move to Mexico (or another low tax/lower cost of living location)? US tax law exempts the first $126,500 of earnings in 2024 from US taxation: the foreign earned income exclusion, FEIE. That number has gone up every year in recent decades.
even as a Texan, i'm thinking about it!
You forgot to mention North Carolina!
Alaska and Hawaii ones you forgot
Didn’t somebody owed this guy something?? Its always Taxes and Housing😷 Expected a bigger picture from Big Think
Nimbyism is alive and well here in California. It takes a long time and a lot more money to build in CA.
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Florida is not booming either, work is slow everywhere and everybody I know is going days and weeks without work.
Days/weeks is 1st world unemployment...
Texas is booming if you moved there with lots of money. It's kind shit for everyone else though, not to mention the recent loss of basic human rights....
This report is dishonest. What about the effects of crime and over regulations?
Neither Florida north Texas, have personal income tax.
Texas is going to become California if it doesn’t change its land use and transportation policies.
Cities are rapidly turning into nothing but concrete sprawl, giant endless highways that are backed up, and unaffordable housing that requires you to commute hours a day to get to any jobs or amenities. Homelessness is also getting worse.
But will the state allow better zoning for housing proximate to jobs and amenities? NOPE. Will it fund any other forms of transportation than 10+ lane highways? NOPE
Because anything else would be communism and we’ve gotta protect our freedums.
this video wasn’t so much Big Think but more like Big Question with little answer….. it was just getting good and the discussion abruptly stopped….👎
Texas gdp growth data from 2019 to present (2024) seems incorrect. Data I’ve seen places between 22% and 40% gdp growth.
"California not booming..." Where does this guy get his information? I live in California and the economy is doing well here.
Not mentioning politics is in good taste, however deceiving
Let's look at Venture Capital distribution in Billion: California $104.02 ...NY $29.24...Mass $21.35...Illinois $10.45...Texas $10.26...Florida $7.24. Even Tesla had to relocate their engineering department back to California.
Im sorry but this seemed like someone did their homework on GPT and shared very basic level information.
Florida and Texas will continue their impressive boom, for some time, then things will change. All companies want to move to those states as part of the race to the bottom trend, looking for places where they can pay slave salaries, abuse workers with some degree of impunity, pollute with almost full impunity. Texas and to a lesser extent Florida have tons of undeveloped land, which neither NY or California have , which allows them to build more homes, but this is changing already. Texas and Florida are states that do not spend a penny on their citizens or infrastructure , have some of the worst poverty levels and healthcare access numbers in the US . Again, all these places that are booming based on deregulation and companies racing to the bottom, won’t boom forever.
I thought you only did videos on countries, I didn't expect you to compare US states but it is fine
07/15/2024: California is leading the nation’s economic growth with a nominal GDP of nearly $3.9+ trillion in 2023 and a growth rate of 6.1% since the year prior.
It's almost like liberalism is massively economically beneficial.
Just not so for the working class. At least not anymore
What?
The title implies texas and florida are horrible places especially compared to CA and NY.
I live in San Diego and love it here. The beaches, the weather, and geography are some of the best in country. However, I've also traveled a lot and the infrastructure here is crumbling. The government of CA creates more problems then they solve and cannot seem to get out of it's own way. It is one of the highest taxed states in the country and no one knows where the money goes. At this point it is more common to find a native of San Diego in Las Vegas than in SD. For 30+ years they have had housing issues, but cannot seem to realize that they need less regulation and to break up the power of the NIMBY groups, so that they can build more. However, that would lessen the power of the State and many legacy Californians. So, they will continue to dwindle and wage war on the middle class.
1:37 idiotic to compare Texas's GDP to Italy and Spain, and calling it "midsize European countries" without taking into account that those two countries are having the worst economy in Europe in reason time. - not representative in any way!
Clearly an American author that has never been to Europe who would make this statement/comparison.😅😅😅😅
No, the GDP of Texas is not larger than the GDP of China.
As of the most recent data, Texas has a state GDP of around $2 trillion. In contrast, China's GDP is significantly larger, estimated at approximately $17.7 trillion. To put it in perspective, Texas, as the second-largest state economy in the United States, has a substantial economy, but it is still much smaller compared to China's, which is the second-largest in the world after the United States.
So, while Texas has a robust economy, it doesn't surpass China's GDP.
Did turning starter homes into rentals effect the housing market?
Seemingly overnight AZ phoenix metro became unaffordable. It has been wild to watch. And I am thankful I got a home before this migration of Californians.
Lol, less dense does not mean more affordable, hell it's not even just simply buying more housing. Ease of permitting and lax zoning laws = more affordable. It is more economically efficient to build higher density housing, so anything between townhouses and midrises, than detached single family homes. Only reason why they aren't in the US is stupid zoning laws and bad building code requirements. Think about it, detached single family homes need more land for, which costs more money, it needs more materials per home and each home needs to be build separately, which costs more in labor and material. Then let's not forget other hidden costs, like the need to own a car to get most tasks done outside the house (so thats the cost of a car loan across the life of the car, the cost of insurance, cost of registration, cost of gas, cost of maintenance, etc., which averages to above $800 per month nationwide) After I moved to my current city I realized rmy family only needs one car because almost everything is within walking distance. So I spend less money on cars. I am literally saving money by living in a place where rent is a few hundred more per month by owning less cars and taking public transit more.
Lol no NY does not need to reform contruction and or transportation. Theres too much construction as is. The inventory that exists are exponentially higher than ehat exsist in much bigger states than in NYC alone. Most people take piblic transportation as well. Yea this video is a lil off.