California wildfires have burned through 4.1 million acres. The fires have cost just $1.1 billion to battle over the last three years, not big for such a large state, according to Bloomberg. But the state wants to blame its $54 billion gap in its budget on something.
Scott Anderson, Bank of the West’s chief economist, said the reversal of fortune for the state's finances should be a "wake up call" about the impacts of climate change. Has he ever heard of less government spending?
Patricia Healy, senior vice president of research at Cumberland Advisors, said the rise in "work from home" as a result of COVID will drive people out of the state.
California managed to maintain its credit rating and sellers are able to get huge sums for their homes if they want to leave: median home prices in August hit $706,900, a record.
Gavin Newsom said: “This state six, seven months ago was dominating in so many different sectors. Those core tenets of this state remain still as alive and enlivened as they ever have been despite some of these situational challenges that we face.”
California is spending about $205 million in fire prevention and management programs this year, which is down from $354 million in the prior year. Democrats want massive government spending on everything but the "climate change caused" problem of wildfires.
Sean McCarthy, head of municipal credit research at PIMCO, said: “It’s impossible to deny that these risks are not here now. We’re going to see the collision of climate change with the recession.”
Governor Newsom's administration has been focused on climate change s the state is "going to hell", as President Trump Tweeted. But don't worry, Newsom is making sure gasoline powered cars aren't available by 2035 and he demands respect fort the rights of transgendered prison inmates too.
