2021:California has a staggering $75.7B budget surplus
Wow, I did not expect this. California is doing really well even with the impact of corona virus on the service, tourism industry and decline in immigration.
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. https://www.politico.com/states/cali...urplus-1381195 |
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And Newsom, who is facing a recall election, wants to bribe return to voters taxpayers $12 billion of it.
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Some people who moved and sold homes they may have owned for many years probably would have had gains on those homes. And a lot of it is other forms of income but also $28 billion in federal "stimulus" the Dems insisted the state needed so badly last summer. Newsom's ally Nancy Pelosi in effect is helping him win the recall by having the feds provide his with cash to hand out. |
There's the money for California's high-speed rail project.
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It has nothing to do with Newsom's recall election, which he has no chance of losing. Is that the right wing narrative making the rounds?
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BTW, Newsom promised to build 3.5M new housing across the state when he was elected during the housing crisis, but his 1st term is pretty much over with nothing to show for that original plan, nor any mention of any timeline.
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Good for the citizens of California.
Newsom will definitely capitalize on this for the recall election. Why does California even have a recall system if a minority can initiate an election and waste taxpayer money?? |
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CA already has one of the most progressive income taxes in the country. Taxing people who make over $75,000 (which makes you barely middle class in coastal CA) to hand checks to those making under that amount in effect just increases the progressivity of the income tax even more. |
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In that case, although it took only a minority to force the election to happen, a majority evidently thought the governor should go (which, of course, we wouldn't have known had we not had the election). |
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All that ever has happened is the legislature failed on several occasions to pass a budget on time because it takes a super-majority and although the Dems had a majority, they needed a few Republican votes for a super-majority and wouldn't compromise enough to get them. When the fiscal year ends with no new budget, the state cannot spend money and must pay its bills with IOUs (state warrants) which it has always quickly redeemed (paid off in cash with interest) as soon as the budget was passed. |
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I went to a public hearing in San Mateo a few years back where people were protesting with signs to preserve the suburban nature of town"--I was like huh? San Mateo is building a ton of high density and is a major commuter crossroads on the Peninsula, what is this opposition?? And the thinly veiled comments pissed me off "we dont want to be urban like Oakland', I thought as if you ever could, twot. This attitude is very common among the NIMBYs. |
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