Newsom’s Missed Opportunity on California’s Annual Budgets

Commentary During my business career as a Certified Public Accountant and Certified Financial Planner, I also served on a credit counseling nonprofit board and advised those who were deep in debt on a plan toward becoming fiscally sound again. During a good financial year, these individuals needed to dramatically reduce their existing debts. The unexpected bonus should go toward their high credit card balances. This reduces their monthly payments in the months ahead and makes staying within personal budgets more manageable. This brings me to California. Sacramento has enjoyed some fiscally remarkable years during Gov. Gavin Newsom’s tenure, but he failed to dramatically reduce the state’s massive liabilities. According to the last audited financial statement the State Controller’s office has released, the Golden State’s balance sheet is upside down to the tune of $174 billion. And the recent bonus years were wasted....