Stuart Varney: Democrats are 'freaking out' about Biden, but can't replace him with Gavin Newsom
California is bleeding red ink because Gavin Newsom spent big money, Varney argues
‘Varney & Co.’ host Stuart Varney argues Gov. Gavin Newsom has been quiet in the middle of election season because he made a financial mess of California.
During his "My Take" on Wednesday, "Varney & Co." host Stuart Varney discussed the Democrats' dilemma with Gavin Newsom, arguing the California governor has done such a poor job with his own state that he might no longer be an option to replace President Biden.
STUART VARNEY: Gavin Newsom is the governor of California.
He wants to be President of the United States, but recently, he's been fairly quiet.
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No big national interviews. No grand policy statements. He's not even doing much with the Biden campaign.
California Gov. Gavin Newsom signs legislation raising fast-food workers' minimum wage to $20 an hour at SEIU Local 721 in Los Angeles. (Sarah Reingewirtz/MediaNews Group/Los Angeles Daily News via Getty Images / Getty Images)
There's a reason for this. California is not doing well.
It's a poor model for the rest of the country, Newsom is in deep financial trouble.
He has run up a huge deficit. California is bleeding red ink because he's been spending big money. Now he's in retreat.
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He's cutting government jobs, cutting some progressive climate programs and cutting what are called "state operations."
He wanted to cut $12 billion from public schools, but the powerful teachers union soon got that reversed.
Now he's desperately trying to reverse the $25 per hour minimum wage for all health care workers.
Fat Brands chairman and founder Andy Wiederhorn details the economic impact of California raising the minimum wage to $20 an hour.
He's scrambling. It's set to go into effect June 1. That's this Saturday — he's scrambling.
That wage hike alone would cost $4 billion a year. The state can't handle it.
He's still giving free health care to migrants. California is still a sanctuary state.
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It still has the highest poverty rate and the highest taxes, and wealthy people and businesses are still leaving.
How can you run for the presidency when the state you govern is such a mess?
So consider the Democrat dilemma.
President Biden, left, and California Gov. Gavin Newsom. (Getty Images / Getty Images)
They are freaking out about Biden losing, but they can't easily move him or Vice President Harris off the ticket.
Even if they could, the front-running replacement, Gavin Newsom, has made a mess of his own state.