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Posted on 11/17/2022 7:37:31 AM PST by SeekAndFind
Back in May, California Gov. Gavin Newsom gleefully boasted that the state of California had a nearly $98 billion surplus after operating in the black for multiple years. But, now that Newsom’s been safely reelected, new projections show that the state of California will have a $25 billion deficit in the 2023-2024 fiscal year.
“That shortfall, according to a new report from the state’s independent Legislative Analyst’s Office, could be followed by continued annual budgetary gaps between $17 billion and $8 billion for the subsequent three years,” reports the Sacramento Bee. “If the forecast holds true through June, when the state’s next budget must be passed, Newsom and legislators may have to make some tough calls. Those include how far to dip into the state’s reserves, where to make potential spending cuts and what projects and programs to slow down. Luckily, the state has stashed away billions of dollars in reserves in recent years to help cope with it.”
“The downturn is due to state revenues growing slower than spending — a possible precursor to a recession, the report indicated. The revenue estimates, if accurate, would represent the weakest economic performance California has experienced since the Great Recession of 2007 to 2009.”
(Excerpt) Read more at pjmedia.com ...
Wasn’t Greasy Gav’s “surplus” federal COVID money auntie Nanna steered his way?
Governments have a unending desire for money
Geez they just got bailed out with all that COVID 💰💰💰. The Dems are worse than addicts.
Congratulations to the ‘fornies.
As interest rates climb and the economy tanks I can’t wait for all those under funded pension fund problems to come roaring back
Not really a surprise as Musk and a few others left the state for greener pastures (and lower taxes).
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If he wants to keep his job his wife better bone up on her fake orgasms to get votes.
Fed bail out heading down the tracks.
California taxes capital gains as regular income. IT stocks have tanked over the last year, drying up a huge source of revenue. I’m sure this has something to do with it.
I think one reason is the stock market tanked. States invest their pension funds in the market.
RE: States invest their pension funds in the market.
If not the stock market, where else?
My solution was to stop earning TAXABLE income. I’m on full social security and a couple of pensions so small they are not taxed. The key was to pay off all debt and move to a low tax state. My monthly cost of living is a pittance. That is, about a quarter of just my SS alone. And that’s with a 32 acre paradise with 9 acres of lawn and hiking trails through the woods, not to mention an unending supply of wood for the stove and woodworking projects. If I still lived in Seattle I’d have a very hard time coping with the world as we now see it.
I love rural Kentucky.
If not the stock market, where else?
“I love rural Kentucky.”
You visited the Daniel Boone parkway?
Beautiful country through there.
And all the large corporations that moved out of state due to taxes.
The kiss off cost California a lot
I wonder how their high speed rail project is going?
You have set a great example...... KUDOS
Indeed very slow what a bust
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