If there's one person nobody envies right now, it’s California's beleaguered governor, Gavin Newsom. He's not only facing international embarrassment while hobnobbing at Davos with the global elite but is presiding over an economic meltdown back home. As the world watched President Trump’s speech, they witnessed what can only be described as the public unraveling of an American governor. Let's dive into the details.
- California Governor Gavin Newsom faces criticism at Davos amid his state's economic challenges.
- The $20 minimum wage law has led to significant job losses in California's fast food sector.
- Major businesses are fleeing the state due to high taxes and regulations.
The ultra-woke Governor Gavin Newsom was in Davos recently, desperately trying to entice globalists to invest in his crumbling state of California. Treasury Secretary Scott Bessent didn't miss the opportunity to highlight Newsom’s failures, delivering a scathing critique. This takedown exposed Newsom as a governor who can only "win" in a state suffering from rampant electoral corruption. California boasts the highest poverty rate in the nation and the widest income disparity, with a wealth gap worse than Mexico's. Shockingly, 80% of jobs in California pay below the median wage, with half earning less than $40,000 annually.
California struggles with the nation's highest unemployment and illiteracy rates. Over the past 15 years, an average of 100,000 Californians have left the state annually, seeking refuge from its economic woes. Despite these challenges, Newsom dreams of nationalizing this chaos by running for president. However, his candidacy seems increasingly implausible, especially after Bessent highlighted Newsom's elitist hypocrisy—living lavishly while demanding sacrifices from others during lockdowns.
The latest disaster under Newsom's watch is the fallout from his $20 minimum wage law for fast food workers. Touted as a victory for working families, the law has proven catastrophic. Studies show California lost between 10,000 and 23,000 fast food jobs in just 18 months. Pizza Hut cut 1,200 delivery drivers even before the law took effect. Rubio's Coastal Grill filed for bankruptcy twice in four years and closed 48 locations in one day. Foster's Freeze workers were stunned when their closure was announced on April 1st—no joke.
Even employees would prefer $16 an hour jobs over none at $20, as 89% of those who kept their jobs saw their hours slashed. Meanwhile, McDonald's prices in California have doubled since 2014, driving away customers earning under $45,000 annually. This is what happens when politicians prioritize virtue-signaling over economic reality.
Since 2023, California has witnessed a wave of retail and restaurant closures due to organized theft, rising costs, and the $20 minimum wage for fast food workers. Target closed nine stores nationwide, including three in the San Francisco Bay Area, citing theft and worker safety concerns. The discount chain 99 Cents Only Stores shut all 265 California locations, shedding approximately 14,000 jobs after filing for Chapter 11 bankruptcy. In-N-Out Burger has also exited the state, and Walgreens closed at least 35 stores in the last two years.
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California's energy sector is also taking a hit. Chevron, one of the world's largest energy corporations, announced it’s moving its headquarters to Houston after over 140 years in California. CEO Mike Wirth cited the state's burdensome taxes and regulations as reasons for the move. Valero, a major fuel supplier, plans to close its Benicia refinery by April 2026, a move expected to severely impact the state's gas supply.
In Davos, Newsom attempted to attract new businesses to his struggling state. However, Scott Bessent’s critique served as a warning against California’s mass exodus, budget deficits, and the largest homeless population in America. If you're a businessperson, California under Newsom is the last place you'd want to invest. The real question isn't whether Newsom will run for president in 2028, but whether anyone, even within the Davos elite, will take him seriously after this well-deserved humiliation.
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