Newsom and CA budget deal

[Mick]

Originally from the LA Times, I don’t usually comment that an article is a must-read, but this is a very comprehensive, sobering look at the upcoming CA budget disasters after the Dems reached a deal, watering down Newsom’s proposal:

The tentative deal largely relies on borrowing money, tapping into state reserves, and shifting funding around to close the shortfall. By reducing and delaying many of the governor’s proposed cuts, the budget continues a practice at the state Capitol of sparing state programs from immediate pain while avoiding taking on California’s long-term budget woes.

Newsom, Democrats announce $321-billion California budget deal

Doesn’t sound very Presidential, Mr. Newsom.

• This topic was modified 4 months, 1 week ago by Mick.

[Hurlburt88]

Holy Hannah, this is like a virus that governments won’t tackle budgetary issues properly!  and now NYC may be headed in some illogical direction.

Thankfully at least some states seem to continue to have balanced budgets!

[Mick]

There has been mixed economic news recently. GDP is down, but jobless claims fell and durable orders soared.

Jobless claims fall, GDP revised lower, durables orders soar | Watch

Here’s an article on a recent focus group which indicates that 80% of workers are scared sxxtless about the economy, and 90% of respondents think the politicians are in bed with rich folks.

Diverse focus groups surface pervasive economic pessimism | Semafor

In Newsom’s budget, there is a $750 million tax break for fabulously wealthy Hollywood, so…the survey was right. Politicians are in bed with rich folks.

California Reaches $321 Billion Budget Deal Boosting Hollywood

The budget eliminates Medi-Cal coverages for popular drugs, and other steps to balance the budget by targeting the poor and middle class. It will also draw down the rainy day budget and borrow from future years.

[Author]

Posts