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California Debt Problem Much Worse Than Newsom Has Let On

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rangerrebew:
 
California Debt Problem Much Worse Than Newsom Has Let On
 
 
California’s debt crisis looms larger than Governor Gavin Newsom has publicly acknowledged, plunging the Golden State into an unprecedented financial quagmire. With a budget deficit ballooning to a record $68 billion, far surpassing earlier estimates, and the state grappling with economic downturns that have hit key industries hard, the fiscal reality presents a stark contrast to the governor’s optimistic veneer​​​​.

This widening gap between the administration’s projections and the harsh financial realities threatens not only the state’s economic stability but also its ability to maintain essential public services and investments in the future​​​​.

https://www.msn.com/en-us/money/markets/california-debt-problem-much-worse-than-newsom-has-let-on/ss-BB1iFpa8?ocid=msedgntp&pc=HCTS&cvid=d89e6a4213c94ea58b3eaca3fcad24d5&ei=25

PeteS in CA:
CA has been hiding its real-life budget deficits for decades through stealing gas tax $$ - which should fund road building and maintenance - for General Fund expenditures, vastly under-funding pensions (tick ... tick ... tick ...), and other accounting shenanigans.

rangerrebew:
California Faces Deficit Difficulty as Predictions Show 26% Rise to $73 Billion
 
Recent reports have suggested that California’s budget deficit will rise for 2024-2025. The state’s Legislative Analyst’s Office (LAO) has predicted it will rise by 26%, reaching $73 billion. The report indicates this is due to lower-than-expected tax receipts.   

https://www.msn.com/en-us/money/markets/california-faces-deficit-difficulty-as-predictions-show-26-rise-to-73-billion/ss-BB1iQTSk?ocid=msedgntp&pc=HCTS&cvid=4d27278af6c94cbc80bbe1b08d0356c3&ei=33

Wingnut:
Man that is terrible news.   :smokin:  Too bad. So sad!

rangerrebew:
 
Californians Learn Consequence Of Newsom’s Spending Spree
© Provided by State Of The Union

California is facing a budget crisis with a projected record deficit of $73 billion, as reported by the Legislative Analyst’s Office.

The deficit increase is attributed to a $24 billion revenue erosion, leading to a $15 billion rise in the budget problem.

“The actual increase in the state’s budget problem will depend on a number of factors, including formula-driven spending changes, most notably Proposition 98 spending requirements for schools and community colleges,” the report read.


H.D. Palmer from California’s Department of Finance disputed the estimate, stating that $51 billion in tax receipts are expected.

https://www.msn.com/en-us/news/us/californians-learn-consequence-of-newsom-s-spending-spree/ar-BB1iWf9H?ocid=msedgntp&pc=HCTS&cvid=f50e354edf9a4bb3b7551c10087e6991&ei=51

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