Shock: California Projects $25 Billion Deficit — After $98 Billion Surplus

Breitbart ^ | 11/16/2022 | Joel B Pollack

[ChicagoConservative27]

The State of California will suffer a $25 billion deficit in 2023-2024, despite enjoying a record-setting $98 billion budget surplus this year, according to new analysis from the nonpartisan Legislative Analyst’s Office.

The new projections, released Wednesday, come just over a week after elections in which Democrats, including Gov. Gavin Newsom (D), were reelected to every statewide office after a year of lavish public spending.

The Legislative Analyst’s Office explained that the deficit could be even worse, if a recession is particularly bad (original emphasis):

[ChicagoConservative27]

How the hell is this possible?

[Alberta's Child]

They had a huge surplus from all the federal COVID aid. Now that it’s gone, they’re broke.

[Scrambler Bob]

Hey.

I haven’t gotten my latest Nusome bribe yet.

[Chode]

[curious7]

Hey, spreading cash around to steal an election costs like crazy these days, ya know?

[ClearCase_guy]

I’m just waiting for this whole House of Cards to fall apart.

[Dilbert San Diego]

If there was a $98 billion dollar Surplus one year and $25 billion deficit the next year, wouldn’t the state still have 73 billion dollars in the bank at the end of the next year?

If there is some danger of the State running out of cash because of this projected deficit than something is definitely wrong.

[Skywise]

They cooked the books before the election the release the revised numbers after.

[No name given]

Ditto.

[Jim Robinson]

Totally unexpected. /s

[griswold3]

They’re using .gov math.

[BenLurkin]

Democrat Party corruption and incompetence.

[DoughtyOne]

Interesting how this comes out just a week after the
election. I’m sure no one wanted an update on this
before it was too late to change their vote.

[irishjuggler]

I’ll tell you how it’s possible. The state coffers were filled the past few years due to massive capital gains resulting from the sale of stock of employees of tech companies like Apple, Facebook (Meta), Google (Alphabet), etc. That ain’t happening this year, as most of those stocks are down and many of the gazillionaires at the top have already cashed out.

[fruser1]

[ProtectOurFreedom]

The State of CA or the USA? Or both?

Honestly, it cannot be long now.

The Tytler Cycle...

[DoughtyOne]

Louie Farakhan math made simple

[Right_Wing_Madman]

How the hell is this possible?

In 2021, California received $58 billion from the federal government in COVID aid.

https://rockinst.org/blog/the-american-rescue-plan-act-state-and-local-funding-breakdown/

[TexasGator]

“They had a huge surplus from all the federal COVID aid. Now that it’s gone, they’re broke.”

They are not broke. This projection was put out to urge agencies to conserve so as to not have to dip into reserves.

[TexasGator]

See #19