What’s Happening:
Just last year, the once Golden State boasted a surplus of $100 billion. That’s quite a chunk of change, huh? If you or I had that kind of scratch, how long would it take to spend it? Probably a lifetime or more. Few companies have that kind of money on hand. Yet California enjoyed a staggeringly large sum of money in 2022.
But guess what? All that cash is gone. Yep, totally wiped out. Far-left California managed to fritter away $100 billion in surplus (meaning, extra cash). Gavin Newsom, the do-nothing governor, warned that this year they would be in the red by a shocking $22.5 billion. But now, we are learning he low-balled the number.
From Fox News:
California’s budget deficit may be billions of dollars larger than the already big number predicted by Democrat Gov. Gavin Newsom, raising concerns about the Golden State’s fiscal future…
The California Legislative Analyst’s Office (LAO), a government agency that analyzes the budget for the state legislature, estimates in a report published last week that Newsom’s forecast undershot the mark by about $7 billion, thanks to about $10 billion less in tax revenues than expected.
Wow. If a CEO had wasted $100 billion in one year, not only would he be fired, but he’d be in jail. Yet the crooks that run socialist California burned through that much money in a year and are now facing a massive deficit. All their big government spending will put them in the red $7 billion more than what Newsom was predicting.
Part of the reason was because the state came up short $10 billion in tax revenues. I’m sure that was in no way caused by the hundreds of thousands of residents who fled California–thanks to Newsom’s’ failed leadership?
Why is California in so much trouble? Well, for one thing, it is spending tax dollars on free healthcare for illegal immigrants. It is driving away businesses with high taxes, idiotic environmental regulations, and other limits that are killing industries.
Residents are fleeing because the cost of living far extends what they can earn. California’s gas prices are through the roof. They’ve banned fossil fuels, so electricity prices are sky-high. In some cities, homelessness is out of control thanks to legalized drugs and stupid policies that make housing too expensive.
I can go on, but that should give a good picture. California is being driven into the ground by idiots who have no clue how to lead. Democrats thought they can burn through taxpayer dollars, supporting whatever braindead leftist idea they had, and suffer no consequences.
But they don’t have COVID money to fall back on anymore. And this massive deficit is going to drown the state.
The people who are going to suffer the most, though? Hard-working Americans. They always get the brunt of the left’s evil.
Key Takeaways:
- Experts reveal California’s deficit is worse than Newsom predicted.
- The state is facing a lack of $29.5 billion, thanks to Democrats’ reckless spending.
- Last year, the state had a $100 billion surplus, but wasted it all.
Source: Fox News
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