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California budget rollercoaster: Analyst predicts $68 billion deficit

Original post made on Dec 10, 2023

With tax revenues in a free fall comparable to the Great Recession and the dot-com bust, California faces a projected $68 billion budget deficit next year.

Read the full story here Web Link posted Saturday, December 9, 2023, 3:43 PM

Comments (4)

Posted by MyFeelz
a resident of another community
on Dec 10, 2023 at 7:29 am

MyFeelz is a registered user.

Governor asks politely for everyone who received the "middle class" bundle o'cash to please send it back to help stave off financial ruin.

I had a flashback of deja vu, eerily reminiscent of a governor gone by: Pete Wilson.


Posted by Silver Linings
a resident of Another Palo Alto neighborhood
on Dec 10, 2023 at 9:13 am

Silver Linings is a registered user.

Online retail got a tax holiday—why not give struggling brick and mortar one for awhile? At least, a big tax discount? Spur local buying.

The state should set up an office of micro business, to help Californians grow their businesses organically. $800/year tax for micro business that may be making less is too much, and a big barrier to entry. Even the US patent office lets micro entities pay less. Let microbusinesses at least form LLCs and S Corps, with a little handholding and without so much financial burden. If they start doing well, they can join the ranks. If it’s done through a separate office, the microentities won’t clutter up the business registry, but California will still benefit from the business activity, and learn lessons about how to foster business opportunities for everyone.

I’m still looking for evidence of an epiphany about dumb growth (what Sacramento has been pushing) and all it’s negative outcomes vs. smart growth. Not seeing one.


Posted by Online Name
a resident of Embarcadero Oaks/Leland
on Dec 10, 2023 at 11:01 am

Online Name is a registered user.

Given this record fall, think it's time to recalculate the RHNA housing numbers to reflect this new reality? Maybe also forget about making El Camino a bike lane that will destroy retail and create more gridlock when what it really needs is to be repaved?

You'll recall Newsom blamed the budget deficit for denying striking Hollywood workers unemployment benefits and now they're also cutting education and public transit funds.

Time to face reality and readjust priorities.


Posted by Bystander
a resident of Another Palo Alto neighborhood
on Dec 10, 2023 at 12:07 pm

Bystander is a registered user.

People are leaving the state in droves. California's population is dropping. Even the birth rate is diminishing.

Ever wonder why?


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