Saturday, January 12, 2019

California’s Budget “Surplus” Ignores Crushing Debt Burden

California’s Budget “Surplus” Ignores Crushing Debt Burden

January 12, 2019 California’s Budget “Surplus” Ignores Crushing Debt Burden , 0 Comments

By California Policy Center, Jan. 09, 2019

California’s new governor, Gavin Newsom, delivered an inaugural address earlier this week that accurately reflected the mentality of his supporters. Triumphalist, defiant, and filled with grand plans. But are these plans grand, or grandiose? Will Governor Newsom try to deliver everything he promised during his campaign, and if so, can California’s state government really deliver to 40 million residents universal preschool, free community college, and single payer health care for everyone? It’s reasonable to assume that to execute all of these projects would cost hundreds – plural – of billions per year. Where will this money come from?

 While California’s budget outlook currently offers a surplus in excess of $10 billion, that is an order of magnitude less than what it will cost to do what Newsom is planning. And this surplus, while genuine, is the result of an extraordinary, unsustainable surge in income tax payments by wealthy people. California’s tax revenues are highly dependent on collections from the top one-percent of earners, and over the past few years, the top one-percent has been doing very, very well. Can this go on?
Read More: https://californiapolicycenter.org

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