Posted on 01/10/2023 7:13:30 AM PST by Oldeconomybuyer
SACRAMENTO, Calif. (AP) — Days after the start of his second term, California Gov. Gavin Newsom on Tuesday will announce his plan to cover a multi-billion dollar budget deficit in what could signal the end of a decade’s worth of economic growth in the nation’s most populous state.
Newsom, a Democrat, has been warning of a potential budget shortfall for more than a year, and the Legislative Analyst’s Office said last in November the shortfall could be around $25 billion.
Dealing with a deficit will be a change of pace for the state, where spending has more than doubled in the 10 years since the last recession. Officials have launched a dizzying amount of new programs and services — including committing to pay for all 4-year-olds to go to kindergarten and agreeing to cover the health expenses of all low-income immigrants who are living in the country without legal permission.
Assemblymember Phil Ting, a Democrat from San Francisco and chair of the Assembly Budget Committee, said he thinks the deficit can be easily managed by state officials, saying he thinks the state is in for a “softer landing” than it had at the start of the last recession in the late 2000s.
“What we expect (on Tuesday) is a vision of how we protect all the amazing things we funded,” Ting said. “Things are definitely slowing down.”
(Excerpt) Read more at apnews.com ...
The eyes of Texas are uPONNNNN ya . . . . !
What about the reparations? Raise taxes?
Going to need a big belt.
ROTFL! Yeah. Okay. Fools.
I’m surprised that anyone who actually PAYS taxes has remained in the state. I have a number of co-workers who live and work in LA, but since I’m at the other end of the country I really don’t have musch non-work related interaction with them or I would have asked what they thought of the craziness that passes for government in Kalifornistan
Surprised a little that this was not a Babylon Bee headline, lol.
“What we expect (on Tuesday) is a vision of how we protect all the amazing things we funded,”
wasn’t he bragging about the surplus last year? wants a half a trillion in reparations’ payments?
I'm waiting for the one that says:
"California Governor Newsom blames his stupidity on climate change."
Yes there was a big Surplus last fiscal year.
What is unexplained here is what happened to that money.
What is unexplained here is what happened to that money
/\
Lot of that going around in capitals these days.
I say RICO some back pockets and foreign laundromats.
Florida has a budget surplus...
Pure B$ from the Master B$er, the insane governor of California.
Didn’t I read recently that California had cazillions of $ in reserve?
Ding Ding Ding winner
EXACTLY
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