Topic: California Deficit

Donald Trump claims to have eliminated 129 old regulations for every new one added, far exceeding his original "one-in-ten" goal. He criticizes the governance of California, suggesting the state would turn the U.S. into Venezuela if its policies were nationalized. Trump also highlights a 77% reduction in the trade deficit achieved through "tariffs and intelligence."

California has reportedly closed a $12 billion deficit by cutting $5 billion in healthcare access for illegal immigrants, a service the government previously denied existed. In New York City, the potential election of Zoran Mamdani is predicted to turn the city into a "Gotham City" of total collapse and violent crime. Critics point out the irony of spending billions on homelessness only to see the homeless population increase.

Celente provides a grim outlook for the global economy, noting sharp contractions in Germany and Japan. He predicts a banking crisis in 2024 driven by a 49.5% occupancy rate in commercial office buildings and trillions in retail debt. Celente also highlights California's $68 billion budget deficit as a sign of failing domestic policies under Gavin Newsom.