Of Course Overspending Slammed California Into Massive Deficit

Published on December 14, 2023

Commentary You read it here first in The Epoch Times. “California Budget Deal Numbers Don’t Add Up,” was my headline on June 28, just after Gov. Gavin Newsom and the California Legislature passed their supposedly balanced budget for fiscal year 2023–24, which began on July 1. I explained the budget kept “spending at 7.2 percent of Californians’ personal income—well above the 6.2 percent limit I have identified for 20 years. Above that limit, the state inevitably gets into budget trouble and has to enact more cuts. … We could end up with a situation similar to the fall of 2008, as the Great Recession dug in. Revenues fell off a cliff.”...