California dreaming about better days has turned into a nightmare. Leftist state lawmakers and their frontman in the governor’s seat have spent like there was no tomorrow.
Now their wild and loose policies with taxpayer money are coming back to haunt them. The idea that they could bleed taxpayers forever while spending through the roof has failed miserably.
Gov. Gavin Newsom was blindsided by the latest budget projections that show he and fellow Democrats have tanked the state budget. The golden days of budget surplus turned into a lead weight that could sink the state’s finances.
From Fox News:
California’s budget crisis is projected to expand more than previously thought and could hit a record deficit of $73 billion, according to a new report from the state’s nonpartisan Legislative Analyst’s Office (LAO).The LAO laid out the grim forecast in a Tuesday report that cautions that a $24 billion “erosion in revenues” corresponds to a $15 billion increase in the state’s budget problem. Due to this, the budget deficit, which last month was estimated to hit $58 billion, could now go as high as $73 billion.
That’s bigly bad news for Newsom who publicly appeared to be setting up for a run at the White House if the incumbent president were to drop out. Newsom had been bucking his leftist Democrat pals on certain liberal issues as an apparent attempt to show he could appeal to voters on both sides of the aisle.
He apparently forgot that Californians, like all Americans, are suffering financially. Liberal spend-happy policies in the state have apparently sent the budget careening into dangerous territory.
Newsom’s minions in state offices attempted to defend the budget problems. One official countered that “no one can say today with certainty” how the budget will ultimately play out for the year. That defensive posture doesn’t appear to align with how the state’s own budget experts are predicting the outcome.
One contributing factor to California’s budget problem is the mass exodus of residents to other states. When the residents leave in such large numbers this creates a considerable state income loss as all thos taxable salaries go with them.
The exodus started during the Newsom-enforced rigid lockdowns during the COVID-19 pandemic in 2020. This was the first-ever population loss for California. The losses continued from January 2020 to July 2022 when the state lost well over half a million people. The number of residents leaving surpassed those moving in by almost 700,000.
Key Takeaways:
- Gavin Newsom was hit hard by a report that showed California is losing more money.
- The governor and his liberal Democrat pals are facing a record deficit of $73 billion.
- High levels of spending and a mass exodus of residents contributed to the big losses.
Source: Fox News
