Here's what you need to know about Gov. Gavin Newsom’s plan to offset California’s $31.5-billion budget deficit.
Thornberg said the state has seen the same kind of revenue swell and decline two others times in the last quarter-century, during in the late 1990s and mid 2000s.
“Both times the state was hit with $30-billion deficits in the wake of it,” Thornberg said. “It was completely obvious what was happening this time and they all pretended it wasn’t a problem, and then here we go again.”Gov. Gavin Newsom and leaders of the California Legislature have agreed to provide more than $9 billion in refunds to taxpayers to offset high gas prices and inflation.
“The data is telling us that, sector by sector, California should fare better than the U.S. in the coming few years, and California has been growing faster than the U.S. for decades,” Nickelsburg said. “We expect that to be the case or, if there were to be a decline in 2023, that it would be more mild in California than in the U.S.”The kinds of imbalances that normally cause a recession, such as the construction of too many homes or an overstock of cars for sale, do not currently exist.
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