New Jersey is a shining example of this. And there is finally some recognition of the fact that NJ is losing many of its wealthiest residents for blindingly obvious reasons: the taxes are too high and the business climate too hostile.
The left, of course, continues to be in denial about a basic fact of the modern world: businesses, people and capital can and will go where they are put to the best use. The left thinks it can raise taxes and expand government and the economy will continue to prosper. But the fact is that in Blue States like New Jersey, California, New York and much of the Northeast, as government has become more “progressive”, their economies have become more European: high unemployment and low growth.
Yes, there is still a great deal of wealth there. But it’s a legacy of a dynamic economic past. The power of compounding interest is a wonderful thing. Over time though, the wealth will be spent down if it is not replenished. The free economies and limited governments that allowed the creation of wealth gradually became “progressive” and these regions have been fooled into believing that once-wealthy means always-wealthy.
A number of years ago I told Mrs. Manifesto that barring a radical rekindling of an earlier ethos in the “progressive” Northeast, I suspected at some point we would likely relocate south or west to a more dynamic area of the country because that’s where the opportunities will be. I have seen nothing to change my mind yet.