The Cautious Optimism Correspondent for Economic Affairs and Other Egghead Stuff reminds non-Californians that Governor Gavin Newsom's previous deficit forecast was $22 billion.
That was less than four months ago.
California also already has the highest taxes in the country with a top income tax rate of 13.3% and the middle class paying marginal rates of 9.3%.
Adding insult to injury, the recessionary effects of the Federal Reserve's recent rapid interest rate hikes haven't yet taken full effect on the national economy. While the USA technically entered a very shallow recession in the first half of 2022, the Economics Correspondent believes the real recession has yet to come at which point California's deficits will widen further.
Read "California's Newsom Sees Budget Deficit Deepening to $32 Billion" at: