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Posted by: thepinetree on 11/18/2022 09:31 AM Updated by: thepinetree on 11/18/2022 09:31 AM
Expires: 01/01/2027 12:00 AM
:

LAO Says California Faces $25 Billion Budget Deficit in 2023 - 24!

Sacramento, CA...The following is the executive summary from the Legislative Analyst's Office on CA's finances...."Economic Conditions Weigh on Revenues. Facing rising inflation, the Federal Reserve—tasked with maintaining stable price growth—repeatedly has enacted large interest rate increases throughout 2022 with the aim of cooling the economy and, in turn, slowing inflation. The longer inflation persists and the higher the Federal Reserve increases interest rates in response, the greater the risk to the economy. The chances that the Federal Reserve can tame inflation without inducing a recession are narrow. Reflecting the threat of a recession, our revenue estimates represent the weakest performance the state has experienced since the Great Recession.





State Faces $25 Billion Budget Problem and Ongoing Deficits. Under our outlook, the Legislature would face a budget problem of $25 billion in 2023‑24. (A budget problem—also called a deficit—occurs when resources for the upcoming fiscal year are insufficient to cover the costs of currently authorized services.) The budget problem is mainly attributable to lower revenue estimates, which are lower than budget act projections from 2021‑22 through 2023‑24 by $41 billion. Revenue losses are offset by lower spending in certain areas. Over the subsequent years of the forecast, annual deficits would decline from $17 billion to $8 billion.

Inflation‑Related Adjustments Vary Across Budget. The General Fund budget can be thought of in two parts: (1) the Proposition 98 budget for schools and community colleges, representing about 40 percent of General Fund spending, and (2) everything else. Under our estimates, the state can afford to maintain its existing school and community college programs and provide a cost‑of‑living adjustment of up to 8.38 percent in 2023‑24. The extent to which programs across the rest of the budget are adjusted for inflation varies considerably. Because our outlook reflects the current law and policy of the Legislature, our spending estimates only incorporate the effects of inflation on budgetary spending when there are existing policy mechanisms for doing so. Consequently, our estimate of a $25 billion budget problem understates the actual budget problem in inflation‑adjusted terms.

Save Reserves for a Recession. The $25 billion budget problem in 2023‑24 is roughly equivalent to the amount of general‑purpose reserves that the Legislature could have available to allocate to General Fund programs ($23 billion). While our lower revenue estimates incorporate the risk of a recession, they do not reflect a recession scenario. Based on historical experience, should a recession occur soon, revenues could be $30 billion to $50 billion below our revenue outlook in the budget window. As such, we suggest the Legislature begin planning the 2023‑24 budget without using general purpose reserves.

Recommend Legislature Identify Recent Augmentations to Pause or Delay. Early in 2023, we suggest the Legislature question the administration about the implementation and distribution of recent augmentations. If augmentations have not yet been distributed, the Legislature has an opportunity to reevaluate those expenditures. Moreover, in light of the magnitude of the recent augmentations, programs may not be working as expected, capacity issues may have constrained implementation, or other unforeseen challenges may have emerged. To address the budget problem for the upcoming year, these cases might provide the Legislature with areas for pause, delay, or reassessment.


Comments - Make a comment
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No Subject
Posted on: 2022-11-18 09:32:31   By: Anonymous
 
Good luck running for president now Gavin you socialist moron.

[Reply ]

    Re:
    Posted on: 2022-11-18 09:43:47   By: Anonymous
     

    Libtards Lost the House 😂😂😂😂

    [Reply ]

      Re:
      Posted on: 2022-11-18 09:52:25   By: Anonymous
       
      Dotards lost the Senate.

      [Reply ]

        Re:
        Posted on: 2022-11-18 10:13:51   By: Anonymous
         
        McCarthy lost his anal virginity

        [Reply ]

          Re:
          Posted on: 2022-11-18 10:21:22   By: Anonymous
           
          Apparently loser Kari Lake is at MaraLargo as we speak. At this time she is on her knees fellating Donald while Melania watches. Stand by for updates.

          [Reply ]

      Re:
      Posted on: 2022-11-19 10:02:27   By: Anonymous
       
      Not by much, though. American voters always blame the current administration for the economy and the numbers should have been far greater for the GOP, both in the house and senate. So much for the predicted red wave.

      [Reply ]

But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY
Posted on: 2022-11-18 10:33:44   By: Anonymous
 

President Biden told the Republicans " Good Luck" when asked if he was worried about a probe in his son's business dealings. Joe, they don't need ANY luck, they not only have one of your son's "laptop from Hell" they have multiple whistle blowers, business partners of your son, and telephone messages of you and your son talking about the business dealings, and your younger brother is also in big trouble with you helping him. Using your position of when you were a useless VP. Kind of goes with your career of riding everyone's coat-tails.


"During an interview at the Fox News Patriot Awards, Bobulinski – a Navy veteran – said the best news is that Americans will no longer have to "take my word for it" in terms of allegations Joe and Hunter were in overseas cahoots on multiple occasions."
"Hunter Biden, in his own words, [has said] he is putting his entire family's family legacy on the line to do business with the Chinese Communist Party [via] CEFC [energy conglomerate]," Bobulinski said.

"He says that in his own words, in numerous text messages and other things I've provided both to the FBI and other whistleblowers, so don't take my word for it. The good news is Congressman Comer and Congressman [Jim] Jordan have troves of documents that will corroborate all this – but 1,000%. Joe Biden ‘the big guy’."
"It's crazy that we're actually still talking about this two years after I've come public," Bobulinski said Thursday.

"Congressman Comer just said this morning there is a trove of facts. And the good news for the American people is not only have I come forward, but in the last variety of months, multiple whistleblowers have come forward with a whole trove of facts that corroborate everything I've said, as well as add incremental information to it."

It looks like President Biden is going down faster then Kamala Harris went down on Willie Brown to get a job.

This is what happens when the dumbest, most easiest manipulated voters in our History elect a loser of a leader because they believed he was giving them everything for free Free FREEEEEEEE.....like those student loans to be wiped off. It's amazing the stupidity of the Socialist voters always being lied too and too stupid to remember it, always hoping for another " free check"


[Reply ]

    Re: But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY
    Posted on: 2022-11-18 10:50:20   By: Anonymous
     
    I think you're going to find this is about as interesting to everyone as the Newsome recall campaign.

    Literally, *nobody* cares about Hunter Biden's laptop.

    [Reply ]

      Re: But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY
      Posted on: 2022-11-18 10:53:03   By: Anonymous
       
      Seriously. How does that move the country forward in any way?
      How does that lower the price of gas?
      How does that bring jobs back?
      How does that reduce interest rates?
      How is that the business of our politicians?

      Fine - if some wing of law enforcement needs to investigate - great. But that's not a political job is it?


      [Reply ]

        Re: But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY
        Posted on: 2022-11-18 12:10:41   By: Anonymous
         
        You are a complete simpleton if you really need answers to those questions.

        This is blatant corruption of government that should never have happened. You are the problem, when you deflect and sweep it under the rug.

        [Reply ]

      Re: But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY
      Posted on: 2022-11-18 10:53:54   By: Anonymous
        Edited By: thepinetree
      On: 2022-11-18 12:13:39
      Profanity

      [Reply ]

      Re: But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY
      Posted on: 2022-11-18 11:16:16   By: Anonymous
       
      It isn't about Hunter! It's about the "Big Guy" who is rotten to the core!!

      [Reply ]

    Re: But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY...free Free FREEEE
    Posted on: 2022-11-18 10:58:32   By: Anonymous
     
    Take your meds, or a cyanide capsule please.

    [Reply ]

      Re: But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY...free Free FREEEE
      Posted on: 2022-11-18 11:02:56   By: Anonymous
       

      Please do everyone a favor Libtard go back to sucking off your uncle in the back shed you FUKING retarded ignorant inbred troll of the DNC and STFU!

      [Reply ]

        Re: But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY...free Free FREEEE
        Posted on: 2022-11-18 22:20:44   By: Anonymous
         
        Oh Look^^^The bold text doofus didn't bold text!!

        [Reply ]

          Re: But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY...free Free FREEEE
          Posted on: 2022-11-19 08:45:06   By: Anonymous
           

          ^^ Oh look the stupid FUKING retarded libtard being a waste of human life and even a bigger waste of oxygen.

          [Reply ]

            Re: But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY...free Free FREEEE
            Posted on: 2022-11-19 09:33:04   By: Anonymous
             
            Yeah, but your'e the loser, loser.

            [Reply ]

              Re: But the "Dotards" will IMPEACH PRESIDENT DEMENTIA, SAY BYE BYE WORST PRESIDENT IN USA HISTORY...free Free FREEEE
              Posted on: 2022-11-20 13:59:59   By: Anonymous
               

              Your the stupid ass Democratic Mother Fuker who sucks cock in the grocery outlet parking lot just like Thunder Thighs McLardAss John does every day!

              [Reply ]

No Subject
Posted on: 2022-11-19 10:00:38   By: Anonymous
 
Well, what did you all think was going to happen? This is all about tech revenues. It was good while it lasted.

[Reply ]

    Re:
    Posted on: 2022-11-19 22:44:46   By: Anonymous
     
    Ha ha ha, you California’s elect over and over a clown that totally mismanages everything he touch’s!! You deserve everything that you get! Ha ha

    [Reply ]


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