Posted on 03/04/2022 6:21:27 PM PST by artichokegrower
California has almost $20 billion of debt from the surge in unemployment claims during the pandemic, more than any other state. One reason is California’s higher unemployment rate; another is that employer taxes haven’t kept up with increasing benefits. Now, employers will see an automatic tax increase to start paying off the debt, and Newsom has proposed spending $3 billion in state funds to reduce the debt.
(Excerpt) Read more at calmatters.org ...
Kill all the golden geese!
That will fix it!
LOL. Most business hostile state to raise taxes further on businesses. Yeah, that will help. You can almost hear the sound of businesses closing up and moving to Texas.
Like you, all I heard about was the CA budget surplus and government spending like water as a result.
This ends badly.
Let me guess, go to war with Arizona?
Surely had nothing to do with all the illegal aliens and amoral theiveing progs committing fraud of the system that the ca pols ignored.
/s
.
Why would there be a debt? That was paid for via employment taxes.
To California Democrats, this is a win-win. Big corporations will be OK. Small businesses will be too broke to donate to Republicans.
Didn’t they get a huge covid bailout?
And just like that, everyone else in America paid California’s debt.
CA used the unemployment system to distribute the Covid funds.
Lots of fraud happened.
Every bum in the state claimed Covid kept them from jobs they never had, got a years worth of back benefits and bought bling and cars.
Gee, since it’s 20 billion and they dug it, give everyone a spork and let ‘em get to work right now. It’s sort of like digging your own grave in reverse.
California got $13.6 billion in COVID funds from the feds. And California’s budget surplus may be up to $23 billion more than previous projection which would put the surplus at $46 billion. Plus there’s $20.8 billion in the “Rainy Day Fund.”
Also add in the FREE healthcare for the illegals that the democrats want! I pay $803/month while some one south of the border gets FREE everything.
https://fox40.com/inside-california-politics/state-budget-surplus-could-exceed-projection-by-billions/“...Gov. Gavin Newsom proposed using $3 billion of the state’s projected $21 billion surplus to take a bite out of that debt...”
Hmmmm....
Thought the surplus was twice that:
Gov. Gavin Newsom said in his January budget presentation his administration was forecasting a $45 billion budget surplus, but a recent update from the Legislative Analyst Office shows it could be billions more than that.
https://fox40.com/inside-california-politics/state-budget-surplus-could-exceed-projection-by-billions/
They relied on the high speed rail lie to pay for all their social programs. Love that its coming form CAL MATTERS AKA black lives matters. doesn’t MATTER MUCH TO ME AND NEVER WILL
So, let me see if I understand:
First the state mandates a $15 / hour minimum wage paid for by business owners.
Then it jacks up the unemployment insurance rate to pay for all the employees that were laid off due to the higher minimum wage.
I cannot wait to see how they solve the problem of businesses going out of business or leaving the state.
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