Posted on 11/17/2022 12:27:39 PM PST by Brilliant
California will likely have a $25 billion budget deficit next year, state officials announced Wednesday, ending a run of historic surpluses and acting as a warning to other states about a potential recession.
Democratic-controlled California taxes rich people more than other states, meaning most of its drop in revenue is because the uber-wealthy aren’t making as much money as they used to. That’s why California is often one of the first states to have budget problems when the economy starts to falter.…
(Excerpt) Read more at apnews.com ...
Not that it would of made a difference in zombie blue California, but very convenient to announce this a week after the election!
I know states “can’t go bankrupt.”
But here’s to hoping they go bankrupt.
Their excuse doesn’t cover all the “rich people” who have relocated to either Texas, Nevada, Florida or Tenn. What do those states have in common!
Based on this report the economy is already tanking effecting high wage earners wait until the under funded pension obligations kick in as the economy tanks a 20+ billion dollar deficit will be minuscule
Send some more illegal to college free. That fix it….
The FTX well has run dry
No money
No energy
No 100.00% EV Nirvana
What are we going to do? Oh my!
Well, we can tell where all the gas tax money will be going.
If it gets bad, Fed.gov will announce $1 Trillion in “stimulus” which will be financed with debt bought up by the Federal Reserve.
California can’t print money, but the Fed can.
Wow!!!!
They sure blew through that in a fast hurry
How long ‘til SlowBama EO’s them out?
Doesn’t help Newsoms 2024 candidacy.
Hey, no problemo. Just raise the taxes on the one or two thousand citizens that still work there.
That’s bigger than some states’ entire budget
even after they fixed the powerball so they could get a cut of the winnings?
They blew through the cash faster than Hunter goes through a bag of blow.
Poor little Noisome, he won’t have Aunty Nan to funnel tax dollars to California to cover up his and the democrats malfeasance any more. Even ignoant democrats will start getting pissed off when yhey realize how much of their taxes Noisome and his fellow care nspirators are gifting the illegals.
I am not sure about legal bankruptcy but they can default on their obligations. That is why there are credit ratings for state debt.
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