I think the CA surplus just went up in smoke with the stock market. They are hugely dependent on capital gains from stock sales.
Leftists simply do not realize how dependent they are on Federal Reserve, fiat money, manipulated interest rates and massive debt - goosing capital markets and the S&P500. This cheap money does not flow evenly around the USA, it pools in particular places, like Silicon Valley, where there is a confluence of companies, real-estate and people to attract this money. Like attracts like and more money flows there, blowing these bubbles even higher
The Burrough of Manhattan accounts for 42% of NY State’s entire GDP. What does Manhattan produce? Nothing, except financial trading. The largest portion of NY State budget is income taxes, and 30% of that comes from a mere 500 individuals and firms in Manhattan.
If the S&P500 crashes and our debt bubble collapse, urban/blue America is in deep trouble. Expect bailouts - even from Trump.