California Gov. Newsom unveils historic $97.5 billion budget surplus

[LukSkyFokker]

California Gov. Newsom unveils historic $97.5 billion budget surplus​

I voted for his recall but he seems to have righted the ship - yugely.


It's a shame that BotanyBullshit isn't here to whine about he can't afford to live in my beautiful state

SACRAMENTO, Calif. — California is entering the next budget year with a record-smashing surplus of nearly $100 billion,
Gov. Gavin Newsom said Friday.

Newsom unveiled a revised budget plan of just over $300 billion for the next fiscal year, the highest in state history and fueled
by surging tax revenues. The state has collected $55 billion more in taxes than officials expected in January, leaving it with an estimated $97.5 billion surplus.


That means Newsom, a Democrat, has tens of billions of dollars more to spend on new and existing initiatives as he seeks
re-election in the fall. He plans additional spending to tackle the ongoing drought, to help more women get abortions in
California and to offset rising costs of food, gas and other goods due to inflation.

He’ll have to reach agreement with the Democratic-led legislature on all of his proposals. They have until the end of June to
finalize the budget, which takes effect July 1.

Newsom said one of his top budget priorities is providing Californians relief from inflation.

“People are feeling deep stress, deep anxiety,” he said.

 

[Fuzzy1975]

California Gov. Newsom unveils historic $97.5 billion budget surplus​

I voted for his recall but he seems to have righted the ship - yugely.


It's a shame that BotanyBullshit isn't here to whine about he can't afford to live in my beautiful state

*chuckles*

It only took how many bannings for him to decide he is not welcome here by the owners....

 

[Sean Renaud]

Wait, he's not still around?

I remember hearing rumors that Newsom was just gonna send us all checks.

 

[Philthy_Phil]

That goth cuck still reads the threads.

 

[Fuzzy1975]

That goth cuck still reads the threads.

I'm still not 100% sure that Icanhelp1 isn't an alt of his...

 

[ll74]

Still not 100% sure that Icanhelp1 isn't an alt of his...

Nah, even when attempting another persona, old habits show up...specifically he can't stop from breaking apart his replies when commenting. That would be the pattern to look for....or possibly the whole (D) thing

 

[jaF0]

If you have either a deficit or a surplus, you're not doing it right. Budgets need to be as close to balanced as possible.

 

[Sean Renaud]

If I knew how to break apart replies in this format I would but I don't

 

[Sean Renaud]

If you have either a deficit or a surplus, you're not doing it right. Budgets need to be as close to balanced as possible.

That's unrealistic in the real world, especially at the state or federal level. You can hope at the county, city or personal level.

 

[YDB95]

Nah, even when attempting another persona, old habits show up...specifically he can't stop from breaking apart his replies when commenting. That would be the pattern to look for....or possibly the whole (D) thing

That plus "I'm a liberal!!!"

 

[HisArpy]

If you have either a deficit or a surplus, you're not doing it right. Budgets need to be as close to balanced as possible.

We passed a law back in the 70's where if the gov had a surplus they had to refund it back to the taxpayers. It was done by either Wilson or Moonbeam's dad I think but don't really remember.

It was good. Our taxes matched the gov's spending 1 to 1.

Moonbeam got into office the second time and had that law repealed. After only a few years we now have 97 BILLION sitting in the bank. No water, wildfire potential through the roof, a crazy train to nowhere which has already cost us even more billions, crumbling infrastructure because they keep stealing from the special accounts set up for it to fund their special perk projects, skyrocketing crime, and the legislature is taking junket vacations to Hawaii on the taxpayer's surplus cash.

And now they're talking about raising our taxes on top of it to pay for better roads and schools. And refunding the police.

 

[LukSkyFokker]

We passed a law back in the 70's where if the gov had a surplus they had to refund it back to the taxpayers. It was done by either Wilson or Moonbeam's dad I think but don't really remember.

It was good. Our taxes matched the gov's spending 1 to 1.

Moonbeam got into office the second time and had that law repealed. After only a few years we now have 97 BILLION sitting in the bank. No water, wildfire potential through the roof, a crazy train to nowhere which has already cost us even more billions, crumbling infrastructure because they keep stealing from the special accounts set up for it to fund their special perk projects, skyrocketing crime, and the legislature is taking junket vacations to Hawaii on the taxpayer's surplus cash.

And now they're talking about raising our taxes on top of it to pay for better roads and schools. And refunding the police.

You should couch surf with Botany, loser. We don't want you here.

 

[Sean Renaud]

No wait, I'm the youngun in this conversation and HisArpy is matching up pretty well with what research I've done on the subject. Unfortunately a lot of this falls under "unknown, unknowns" as or maybe "Known, unknowns" because I can't google something without a solid starting point.

 

[Dribble]

Wait, he's not still around?

I remember hearing rumors that Newsom was just gonna send us all checks.

Which of the Fascist traitors is presently in jail?

 

[Sean Renaud]

I do not understand the question, please clarify.

 

[HisArpy]

No wait, I'm the youngun in this conversation and HisArpy is matching up pretty well with what research I've done on the subject. Unfortunately a lot of this falls under "unknown, unknowns" as or maybe "Known, unknowns" because I can't google something without a solid starting point.

Here's a starting point:

Look around at the tyrannies around the world and see who lives in opulence and who doesn't. Then ask yourself where the money comes from so those who live lives of ease can do so.

 

[LukSkyFokker]

Here's a starting point:

Look around at the tyrannies around the world and see who lives in opulence and who doesn't. Then ask yourself where the money comes from so those who live lives of ease can do so.

Dafuq kind of carbon-based bullshit is this, RAPEY?

 

[BabyBoomer50s]

The surplus is a windfall that is unsustainable. California is heavily dependent on taxes on capital gains from the sale of stocks and real estate by the most wealthy residents. Many are in tech. Nearly half the state‘s income tax revenues come from the top 1% and most of that is from capital gains which the state treats as ordinary income. Gains over $1 million are taxed at 13%. With the stock market now tanking and mortgage rates rising, the budget surplus can and probably will quickly turn into a shortfall.

The surplus covers less than one third the of the unfunded pension liability from CalPERS and CalSTERS. It would be wise to use at least some of the money to pay down that debt, especially with pension fund investment returns being subject to market volatility.

Meanwhile, a tank of gas now costs well over $100 in the state. That is a huge hit to the 36% of Californians who live at or near the poverty line. Many of them travel long distances from the inland empire and Central Valley each day to work in more populous areas near the coast. They could use some relief. The surplus equates to $2,300 per resident. Instead, everyone, rich and poor alike, will be getting a $400 per registered vehicle (including EVs) “gas tax rebate”, and they won’t even see that until October.

 

[LukSkyFokker]

The surplus is a windfall that is unsustainable.

California often runs at a surplus and is the 5th largest economy in the entire world.

 

[BabyBoomer50s]

California often runs at a surplus and is the 5th largest economy in the entire world.

Yes, and faces shortfalls when markets drop. It is very dependent on capital gains by the top 1%. It’s a volatile revenue stream.

 

[LukSkyFokker]

Yes, and faces shortfalls when markets drop. It is very dependent on capital gains by the top 1%. It’s a volatile revenue stream.

When did this trend start and when did California have a shortfall and when did the market dropping affect California?

 

[Sean Renaud]

Meanwhile, a tank of gas now costs well over $100 in the state. That is a huge hit to the 36% of Californians who live at or near the poverty line. Many of them travel long distances from the inland empire and Central Valley each day to work in more populous areas near the coast. They could use some relief. The surplus equates to $2,300 per resident. Instead, everyone, rich and poor alike, will be getting a $400 per registered vehicle (including EVs) “gas tax rebate”, and they won’t even see that until October.

Maybe if you drive something with an enormous tank. 15x6=90. You need at least a 17 gallon tank to breach 100 dollars for a fill up from E to F. Are their people like that? Yes, yes there are.

You'd think after something similar to this happened in 2008 that people would start investing in moving at least to hybrids more heavily instead of moving right back to SUVs as they likely will again as soon as this calms down a tad.

 

[Sean Renaud]

Here's a starting point:

Look around at the tyrannies around the world and see who lives in opulence and who doesn't. Then ask yourself where the money comes from so those who live lives of ease can do so.

That doesn't seem particularly relevant to the conversation. Our oligarchs live in gross opulence compared to basically anybody else on the planet. While I do think we need greater controls on the rich I'm not against people being rich.

I think the fact that as pointed by others, that CA is heavily dependent on capital gains and other taxes paid for by the 1% is damn compelling data that we need to redistribute wealth by any means necessary into a MORE equal, not equal, but more equal than we are at right now level.

 

[BabyBoomer50s]

When did this trend start and when did California have a shortfall and when did the market dropping affect California?

State revenues dropped dramatically with the market crashes in 2001 (tech bubble burst) and 2008 (subprime mortgage crisis) forcing spending cuts, tax increases, employee furloughs, and budget gimmicks. More recently we had a pandemic-related $54 billion shortfall in 2020 but that was quickly resolved by the market recovery and massive injections of federal dollars. The state is heavily dependent on capital gains of the top 1%, largely concentrated in Silicon Valley. When stocks fall, so capital gains tax revenues.

 

[BabyBoomer50s]

Maybe if you drive something with an enormous tank. 15x6=90. You need at least a 17 gallon tank to breach 100 dollars for a fill up from E to F. Are their people like that? Yes, yes there are.

You'd think after something similar to this happened in 2008 that people would start investing in moving at least to hybrids more heavily instead of moving right back to SUVs as they likely will again as soon as this calms down a tad.

Take a look around you the next time you leave your bubble and get on the freeway. Notice the old pickup trucks and vans driven by gardeners, cleaning services, repair services and contractors. Notice the minivans and SUVs driven by moms and working class families to shuttle kids and stuff around. They have large gas tanks. Not everyone can afford new hybrid vehicles or EVs. Those who might be able to afford an EV don’t always have places to plug in their cars at night. Renters comprise 45% of the state. As I noted previously, more than 1/3 of the people in CA live at or near the poverty line. And many working class Californians above that category are struggling.