martin armstrong speaks about why business is fleeing california;

California has been repelling capital through overregulation. The energy sector high-tailed out of the state in recent years under Governor Gavin Newsom’s net-zero policies. Now, even retailers feel forced to evacuate as California becomes increasingly anti-business.

Bed Bath & Beyond announced that it must close all retail stores within the state of California. “This decision isn’t about politics—it’s about reality,” company head Marcus Lemonis said in a social media post. “California has created one of the most overregulated, expensive, and risky environments for businesses in America. It’s a system that makes it harder to employ people, harder to keep doors open, and harder to deliver value to customers.”

Newsom’s office commented that Bed Bath & Beyond was already a dead business, failing to take any responsibility. To begin, California’s minimum wage continues to rise year after year at a pace unsustainable for businesses. Automation is replacing the human workforce, and some studies have shown that minimum wage workers in California are simply receiving fewer working hours as employers aim to cut costs.............more.........