Former Reagan economic adviser: California has a two-tiered society
Former Reagan economic adviser Art Laffer on why California is going broke and the divide between elites and working class in the state
Former Reagan economic adviser Art Laffer joined "The Faulkner Focus" Tuesday to share how the liberal-run government in California has hurt the working class, as part of a "two-tiered" society. Laffer said the state is headed for "huge problems" with its power grid after the state Democratic leaders approved a ban on new gas-powered vehicles by 2035.
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ART LAFFER: Gray Davis, who was the governor of California, decided to subsidize electric prices. And, of course, the surplus was just done. And then we had these blackouts, brownouts all over the state. He was recalled, thrown out of office, and that's what happened. So I would imagine the same type of thing will happen again. They've done all these policies and once it's in law, you've got to see that it's very hard to bring it back out of the law. So once you've got that 2035 deadline, it's really tough to un-deadline and to reverse the policy. So I would expect the California grid to have huge problems going forward, and you're going to see a lot more brownouts and blackouts in California. And unfortunately, people will still keep leaving. California is a wonderful, wonderful state and the people are really terrific. It's the government that's the problem in California. And unfortunately, the government really is waging war on the citizens and producers, and manufacturers. And there's a reason why California has the highest poverty rate of any state in the nation. It's this two-tier society of the really wealthy people along the coast and basically the liberals. And then there's the rest of California, which includes the fast food workers who are just getting hammered. They will be replaced, and they will be replaced permanently by technological change.
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