The CEO of Social Capital, Chamath Palihapitiya, recently dropped a tweet that's now fueling a spirited debate on X (formerly known as Twitter).
Historic Shift in Economy
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The buzz began when Palihapitiya shared a screenshot of a Bloomberg article that shed light on a significant moment in history where six southern states had, for the first time, outperformed the northeastern Washington-New York-Boston corridor in their contribution to the U.S. gross domestic product.
"Go Woke, Go Broke" Fuels Discussion
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The caption accompanying Palihapitiya's post was what set off the fiery debate. He declared, “Go woke, go broke,” suggesting that the culture war and economic policies in northeastern states had played a role in the migration of wealth and economic power to the South.
$100 Billion Income Boost in Southern States
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According to Bloomberg's analysis of IRS data, the migration of wealth to the South. Florida, Texas, Georgia, the Carolinas, and Tennessee collectively gained an additional $100 billion in new net income from 2020 to 2021.
$60 Billion Drop, A Historic Reversal
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At the same time, the Washington, New York, and Boston corridor suffered a $60 billion drop in income during that period, marking the first instance of such a reversal since the tax agency began gathering this data in the 1990s.
"Flood of Transplants" Transform the South
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Bloomberg points to a "flood of transplants" as the reason behind this shift. According to Census Bureau data, out of the 15 fastest-growing cities, 10 of them are located in the southeast corridor. Part of this growth might be linked to several corporations relocating their headquarters from the Northeast to the South, bringing with them a considerable number of job opportunities.
Perks of Living in the South
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Moreover, it's an added perk that Southern residents can enjoy “warmer weather, lower taxes, looser regulation and cheaper housing,” as noted by Bloomberg.
"Woke" Policies and Migration
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Palihapitiya put forth the argument that a cultural dimension is involved in the debate and stated that "woke" policies have also contributed to the migration. He posed a question to his followers on X, wondering, “Is the major differences between these two groups only ideology? Or is it something else like genetics, health, etc etc that I’m not understanding?”
Mark Cuban Chimes In
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While Palihapitiya's viewpoint found support from several X users, billionaire Mark Cuban was among the noteworthy figures who disagreed. In response to Palihapitiya, Cuban challenged, "Name me one woke company that has gone broke."
Palihapitiya Responds, Cuban Unmoved
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Palihapitiya accepted Cuban's challenge and countered with a list of recent startup failures, suggesting that some of them might be "woke." However, Cuban remained unimpressed, stating, “A list of STARTUPS failing is weak and you know it Chamath.”
Context Matters
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It is worth noting that the Census data cited by Palihapitiya was based on statistics from 2020-2021, a period marked by a significant surge in remote work and pandemic-related lockdowns. During this time, numerous office workers left costly cities in search of cost-effective housing options.
New Data on the Horizon
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With the arrival of more data, the ongoing discussion about America's migration rates which may be the topic of heated arguments involving public figures like Palihapitiya and Cuban,is likely to remain in the spotlight.
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