After 2 years of massive surplus, California is facing a $25B budget deficit

[Dashinka 24,109]

Well Newsom survived the recall, and one party rule prevails.  Are they still building the train to nowhere?

 

 

After 2 years of massive surplus, California is facing a $25B budget deficit

 

California’s state budget might be facing a deficit of $25 billion next year in what could be the state’s weakest performance since the Great Recession, according to a report by the nonpartisan Legislative Analyst’s Office released on Wednesday.

 

The forecast does not reflect a recession — just the threat of one — but it notes that the longer inflation persists, the more likely a national recession becomes.

 

The shortfall is driven mostly by declines in income tax revenue and drop-offs in the stock market, though analysts noted job losses in the tech sector may also contribute to deepened revenue deficits.

 

 

https://www.capradio.org/articles/2022/11/16/after-2-years-of-massive-surplus-california-is-facing-a-25b-budget-deficit/

 

 

[Mike E 11,732]

You mean driving Oracle and Tesla to HQ else where had an effect on tax revenues? Shocking. 

[LIBrty4all 3,749]

7 hours ago, Dashinka said:

Well Newsom survived the recall, and one party rule prevails.  Are they still building the train to nowhere?

 

 

After 2 years of massive surplus, California is facing a $25B budget deficit

 

California’s state budget might be facing a deficit of $25 billion next year in what could be the state’s weakest performance since the Great Recession, according to a report by the nonpartisan Legislative Analyst’s Office released on Wednesday.

 

The forecast does not reflect a recession — just the threat of one — but it notes that the longer inflation persists, the more likely a national recession becomes.

 

The shortfall is driven mostly by declines in income tax revenue and drop-offs in the stock market, though analysts noted job losses in the tech sector may also contribute to deepened revenue deficits.

 

 

https://www.capradio.org/articles/2022/11/16/after-2-years-of-massive-surplus-california-is-facing-a-25b-budget-deficit/

 

 

Has to be #fakenews.  Our local CA experts tell us how great life out there is.  Unicorns & rainbows for everyone. This is probably just a "hit piece" by some RWNJ who is trying to disparage the great state.