$75.7B budget surplus https://www.politico.com/states/cal...-has-a-staggering-757b-budget-surplus-1381195 @tinman SACRAMENTO — California expects a staggering $75.7 billion surplus despite a year of pandemic closures — an amount that surpasses most states' annual spending and prompted Gov. Gavin Newsom on Monday to propose sending cash back to residents as he faces a recall election. California's coffers are bulging thanks to the high-flying Silicon Valley, surging stock market and a large share of professionals who were able to continue working remotely during Covid-19. The state has a progressive income tax structure that leans heavily on top earners, allowing the state to enjoy record revenues despite widespread job losses in the travel and service industries that have kept California's unemployment rate among the nation's highest. The Democratic governor provided the surplus figure Monday as he proposed $600 checks for middle-income residents along with $500 payments to families with dependents. California in February enacted an initial round of payments for its lowest-income residents, supplementing two rounds of similar checks from the federal government. All told, the state would give back nearly $12 billion this year if state lawmakers approve Newsom's plan.
Not surprising. They have to have the highest tax base in the nation. Good for them they can provide services that allow non high earners to live there Texas may not have a surplus but doesn't have the tax burden and Texas's finances works for Texas
Typical short term thinking. About to lose your job? Buy some votes. Don't consider ways that money could work both now and in the future.
They suck the rich dry and pump it back to the peoples. Elon faints. @tinman Real estate to the Moon though
There is a pretty robust rainy-day fund that the last governor set up though. Good budgeting practice.
"The Pointless, Meddling State-and-Local Bailout": https://www.nationalreview.com/2021/05/the-pointless-meddling-state-and-local-bailout/ excerpt: California’s state government has announced a budget surplus of more than $75 billion, thanks in large part to a strong stock market. California’s state government is set to receive about $27 billion in direct federal aid from the American Rescue Plan, a figure that does not include help targeted to schools, transportation, and local governments in the state. *** This policy was a mistake. It provides money to state and local governments far in excess of what they lost during the pandemic; it throws boatloads of cash at some states, such as California, that don’t need help at all; and it meddles in tax decisions that states themselves should make. It’s too late to pull back now — Treasury began sending out the money this week — but this disaster illustrates what the Biden Democrats stand for: big spending that is poorly targeted and accompanied by massive federal intrusion. more at the link
MOAR. [arnold voice] Codifornia Defies Doom With Numba Wahn US Ecodomy [/arnold voice] Excerpt: "By adding 1.3 million people to its non-farm payrolls since April last year -- equal to the entire workforce of Nevada -- California easily surpassed also-rans Texas and New York. At the same time, California household income increased $164 billion, almost as much as Texas, Florida and Pennsylvania combined, according to data compiled by Bloomberg. No wonder California's operating budget surplus, fueled by its surging economy and capital gains taxes, swelled to a record $75 billion." https://www.sfgate.com/opinion/article/California-defies-doom-with-No-1-U-S-economy-16246133.php (via Bloomberg news)
Its hard to respond to comments like. If you want to just peanut gallery and not discuss put me on ignore. You are wasting precious God given gift of time
such intellectual dishonesty. Calif needs the funds for these projects forest fire prevention bullet train fixing freeways / roads, as well as the state-wide aquaduct system dismantling of the un-used nuclear generating station in San Onofre job training programs other infrastructure projects which had been on hold, such as the Great Park
Well, you could start by looking at healthcare, the schools, infrastructure and social welfare in Texas and then get back to us and explain how Texas' finances are working for Texans.
Surpluses are only slightly better than deficits, and it just means you taxed your citizens way too much or didn't do enough for your citizens. In California's case, its a lot of both. California is a prime example of government inefficiency. High taxes, too much government overreach, and poor services.
a vivid eg of intellectual dishonesty, a close second would be willful ignorance on the part of that half-azzed so-called op-ed writers
