If a 5-percent levy chases billionaires out of Cali, the long-term income tax gap (not to mention litigation costs) will swallow any wealth-tax windfall.

The recent scandal at Cambridge revealed how invested the academy is in pushing an ideology — even punishing dissenters who insist on telling the truth.

The economy is still growing, but weak housing demand, slowing hiring, and renewed inflation pressures suggest a difficult balancing act ahead.