Wednesday, February 21, 2024

Newsom's FY24-25 Budget Deficit Widens to $73 Billion

Click here to read the original Cautious Optimism Facebook post with comments

From the Cautious Optimism Economics Correspondent:

January 2023: Projected California deficit for FY23-24 = $22 billion.

May 2023: Projected deficit raised to $32 billion.

December 2023: California Legislative Accounting Office (LAO) projects FY24-25 deficit of $68 billion.

January 10, 2024: Newsom projects FY24-25 deficit of $38 billion.

Yesterday: California LAO raises projected deficit to $73 billion.

All of these projections assume full employment and no recession in 2024 or 2025.

And all with the highest income tax rates and highest overall tax burden of any state in the country.

More details available at:

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