Posted on 02/21/2024 5:24:09 AM PST by Kaiser8408a
Newsom’s Fiscal Inferno!
When Arnold Schwarzenegger was Governor California, his budget chief, a former high school pal of mine, called me to look at California’s budget. He sent me his spreadsheets with forecasts and asked me what I thought. Even back then, I called back and said “California is on an unsustainable fiscal path and seems to be committing suicide.” He agreed, but noted that Schwarzenegger would not like that conclusion. I told him to blame me for the report, as an unpaid consultant to The Golden State. But even back then, I could foresee the absolute mess that the California State legislature would make, particularly if they elected a Democrat governor.
Fast forward to today. Another “glamorous” governor (Newsom does have a great smile and great hair), but even a far worse fiscal path. California’s budget deficit could reach a record $73 billion!
California’s budget deficits look a lot like Biden’s (call him Newsom’s elderly intellectual grandpa) budget deficits where Biden and Congress went on a spending spree from “the honey pot” (US Treasury) and borrowed funds.
The LAO laid out the grim forecast in a Tuesday report that cautions that a $24 billion “erosion in revenues” corresponds to a $15 billion increase in the state’s budget problem. Due to this, the budget deficit, which last month was estimated to hit $58 billion, could now go as high as $73 billion. Lest we forget, Biden/Congress can borrow endless funds and stick the bill to Gen Zers and the unborn.
And remember, US politicians have promised $213 TRILLION in unfunded payments that will require cuts (LOL!) or a massive increase in Federal debt.
Biden and Newsom could sing “Fiscal inferno” together! “Here is my demented, doddering grandfather!”
(Excerpt) Read more at confoundedinterest.net ...
Newsom is a younger Joe Biden.
Can Ukraine help out?
Good news to Michelle supporters...
It’s not only California on a suicide path. The entire country. Over $34T and growing, yet not too many really care.
They have been ‘cooking the books” for years. If California was a business the top executives would be facing criminal charges.
None of this will matter to a central Ohio voter on whom will hinge tge outcome of the presidential election
They will know nothing of the destruction of California this inept person has produced
They’ll think duh he’s not Trump he’s pro abortion I’ll vote for him.
That’s bigger than Canada’s deficit.
That’s the Lib plan…..and they don’t see any problem! Well not enough rich people to tax, but that’s the only problem!
In 2022, they were bragging about a $97.5 billion surplus. Hmmm, what could have possibly happened?
https://calmatters.org/commentary/2023/10/california-budget-whiplash-pitfalls-forecasting/
ANOTHER Taxpayer-funded bailout, where, nationally, wealth-redistribution from across the country goes to a "progressive" state, to fund the destruction of the former USA.
SOMEONE has to pay all those $100K bus driver pensions in CA, right?
A “$24 billion “erosion in revenues”
What suddenly caused that? People and businesses fleeing the state? Growth of the underground non-tax paying illegal alien economy? Democrats cheating on their taxes?
They are lobster potting it. It will be at least $83 billion by the time of the May revise.
and these same Aholes want to do a $319 billion univeral healthcare for all californians. OH and grab the seniors medicare from the feds..
where the $319 billion is per year to believe
Yeah, that sure reversed in a hurry.
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