Gradually, then suddenly, blue state America is heading for financial disaster

In his famous 20th century novel “The Sun Also Rises,” Ernest Hemingway’s character, Mike Campbell, was asked by a friend how his financial ruin had happened.Campbell replied to the question simply, “Two ways.Gradually and then suddenly.”

Just a cursory look at today’s headlines and one can see this very idea of “gradually and then suddenly” playing out in the fiscal health of many blue states.California, the poster child for a state heading down the road to financial ruin, isslated to lose four congressional seatsin the 2030 census due to population loss.

Moreover, major companies such as Wells Fargo and Quantum, with others surely to follow, are moving their headquarters out of the Golden Stateto Florida.In fact, Miami was recently labeled by one national outlet as the “new Silicon Valley.”

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Two of the other largest out-migration states in the country?Illinois andNew York.Ken Griffin, the multibillionaire who runs the largest and most successful hedge fund in America, Citadel Hedge Fund, left Chicago in 2022 and moved his headquarters to Florida.Meanwhile, both Illinois and New York are slated to lose between two and four congressional seats in 2030 due to population loss.

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Blue state residents are fleeing places like California for red states.

So, what is going on here?Well, in short, individuals and companies have had it with blue state taxes, wild spending, suffocating regulations and draconian environmental policies that stifle innovation and entrepreneurship.They are moving to red states likeFlorida and Texasthat value capital, markets, free exchange and opportunity.Florida and Texas, incidentally, are projected to gain four congressional seats in 2030. 

Using any measure — GDP growth, job creation, capital investment, employment rates or the all-knowing U-Haul index of in and outmigration — red states litter the top 10 places to move with the occasionalpurple states of Arizonaor Nevada breaking into the mix.

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Meanwhile, the aforementioned California, Illinois, New York and many other blue states reside at the bottom.Americans have simply had it with bloated government and the nanny states that want to control every aspect of one’s money and life.And those Americans are voting with their feet.

a thing or two about bankruptcy, and his acknowledgment of its occurrence being “gradually and then suddenly” is a cautionary tale for America.Blue states should take heed.

Dr.Bob McClure is the president and CEO of The James Madison Institute in Tallahassee, FL.