We don't have a budget deficit. It comes and goes, but 2024 tax revenues are going to be ZOMG off the charts given that we used to have three of the top ten companies by Market Cap (Apple, Facebook, Google) and now it's four with the big green monster. Adding in the huge Amazon and Microsoft presence. There are going to be monster tax revenues from the cap gains from those companies and the RSU compensation for those employees.
Happily Tesla, another company with primary operations in CA has dropped to 13th after their idiot CEO decided to move to Texas. I guess not everything is bigger in Texas.
The election is in November Murph. Those 2024 tax revenues won't matter. Republicans would be relentless in pointing out the current budgetary problems in California. And the message would be simple. A $100+ billion surplus turned into a $45 billion deficit in just three years. Do you want this guy handling your checkbook? Rinse and repeat.
I wouldn't be against a brokered convention, and I could see Newsom as a potential candidate. But the Democrats can't afford to have black women sit out during this election cycle. I just don't see a consensus candidate right now to replace Biden.
As to Biden's performance last night. He had a bad night on a day that could not have been worse. However, if you're going to take a loss, better to take it in late June and not September or October. The race is going to be close no matter what and it's still a very long time until people start voting.
Biden and those around him have some decisions to make in the next few days. Stay tuned.
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