Silicon Valley basically props up the California state government.https://twitter.com/laoecontax/status/986334020001660929 …
Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.
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Kim-Mai Cutler Retweeted California Economy & Taxes
Silicon Valley basically props up the California state government.https://twitter.com/laoecontax/status/986334020001660929 …
Kim-Mai Cutler added,
Not sure what this observation is meant to do? Silicon Valley has more wealthy ppl per capita than anywhere else in the state? Silicon Valley deserves better treatment for its contributions? Just looking for context.
People don’t realize the state of California is basically financially dependent on the industry. If the Bay Area doesn’t figure out a way to allow regional growth, the state won’t be able to meet its ~$400B in unfunded obligations without cannibalizing existing public services
The obligations are already already crowding out existing public services, which is why city budgets keep growing yet voters feel like they’re getting less for their money. The tech boom basically enables cities to run in place against the pension liability.
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