Close Menu
  • Entertainment
  • Lifestyle
  • Relationships
  • Tips & Tricks
  • Celebrity Kids
Facebook X (Twitter) Instagram
  • Disclaimer
  • About us
  • Privacy Policy
  • Contribute & Advertise with Us
Facebook X (Twitter) Instagram Pinterest Vimeo
GistFestGistFest
  • Entertainment

    Rihanna’s Pregnancy Update: A$AP Rocky Hints at Baby’s Sex

    July 4, 2025

    Brad Pitt and Ines De Ramon: Inside His New Relationship After Divorce

    July 3, 2025

    Katy Perry and Orlando Bloom Split After Nearly 10 Years Together

    July 2, 2025

    Jeff Bezos Wedding Surprise: The One-of-a-Kind Gift for Every Guest

    July 1, 2025

    Kristin Cavallari Talks Custody ‘Change’ With Ex Jay Cutler

    June 30, 2025
  • Lifestyle

    Rihanna’s Pregnancy Update: A$AP Rocky Hints at Baby’s Sex

    July 4, 2025

    Brad Pitt and Ines De Ramon: Inside His New Relationship After Divorce

    July 3, 2025

    Katy Perry and Orlando Bloom Split After Nearly 10 Years Together

    July 2, 2025

    Jeff Bezos Wedding Surprise: The One-of-a-Kind Gift for Every Guest

    July 1, 2025

    Kristin Cavallari Talks Custody ‘Change’ With Ex Jay Cutler

    June 30, 2025
  • Relationships

    Rihanna’s Pregnancy Update: A$AP Rocky Hints at Baby’s Sex

    July 4, 2025

    Brad Pitt and Ines De Ramon: Inside His New Relationship After Divorce

    July 3, 2025

    Katy Perry and Orlando Bloom Split After Nearly 10 Years Together

    July 2, 2025

    Jeff Bezos Wedding Surprise: The One-of-a-Kind Gift for Every Guest

    July 1, 2025

    Kristin Cavallari Talks Custody ‘Change’ With Ex Jay Cutler

    June 30, 2025
  • Tips & Tricks

    Rihanna’s Pregnancy Update: A$AP Rocky Hints at Baby’s Sex

    July 4, 2025

    Brad Pitt and Ines De Ramon: Inside His New Relationship After Divorce

    July 3, 2025

    Katy Perry and Orlando Bloom Split After Nearly 10 Years Together

    July 2, 2025

    Jeff Bezos Wedding Surprise: The One-of-a-Kind Gift for Every Guest

    July 1, 2025

    Kristin Cavallari Talks Custody ‘Change’ With Ex Jay Cutler

    June 30, 2025
  • Celebrity Kids

    Sofia Richie and Elliot Grainge Revisit Lavish Wedding Venue Amid Backlash Over Cheating Rumors

    June 24, 2025

    Exes Megan Fox and MGK Unveil Their Baby Girl’s Name Following ‘Celestial Seed’ Mix-Up

    June 20, 2025

    DDG Files Restraining Order Against Halle Bailey

    June 10, 2025

    Angelina Jolie and Brad Pitt’s Divorce Timeline

    June 2, 2025

    Meryl Streep’s Daughter Louisa Jacobson Shares Her and Partner, Anna Blundell’s Plans for Valentine’s Day

    February 14, 2025
Subscribe
GistFestGistFest
Home » Newsom’s Spending Spree Takes Center Stage as California Faces Budget Crisis
News

Newsom’s Spending Spree Takes Center Stage as California Faces Budget Crisis

FeyisayoBy FeyisayoFebruary 29, 20243 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
Newsom’s Spending Spree Takes Center Stage as California Faces Budget Crisis
Source: Pinterest
Share
Facebook Twitter LinkedIn Pinterest Email
Newsom’s Spending Spree Takes Center Stage as California Faces Budget Crisis
Source: Pinterest

Amidst its many recent challenges, California is facing a serious budget deficit. According to a report by the Legislative Analyst’s Office, this projected record deficit could be as high as $73 billion. Therefore, all eyes are on Governor Gavin Newsom and his spending spree. 

His office attributes this deficit increase to some issues over the years. A $24 billion revenue erosion occurred, leading to a $15 billion rise in the budget problem is one of them. The report states, “The actual increase in the state’s budget problem will depend on several factors, including formula-driven spending changes, most notably Proposition 98 spending requirements for schools and community colleges.”

However, H.D. Palmer from California’s Department of Finance disputes this estimate. He states that they are expecting $51 billion in tax receipts. “From now through April, more than $51 billion in income and corporate tax receipts are forecast to come in,” Palmer said.

“No one can say today with certainty how those numbers may change the budget estimate of a $38 billion shortfall. A responsible step would be for the Legislature to act now on the early action budget measures needed for $8 billion in solutions to help close this gap.”

ALSO READ: California Gov. Gavin Newsom Blasts Local Counties for Not Implementing Controversial Law

Palmer may be right in this case. The last time the LAO projected a budget deficit, it was $20 billion more than what it turned out to be. In addition, the governor is counting on a surge in tax revenue from capital gains after the recent stock price rise.

Furthermore, the top 1% of California taxpayers make up about half of the state’s income taxes. Therefore, the state’s revenue usually rises and falls with capital gains. Since the stock price increase, California tech companies have significantly benefited. 

POLL—Should the Government Increase Taxes on the Wealthy To Reduce Economic Inequality?

For example, since November, artificial intelligence chip maker Nvidia’s stock price has increased by roughly 50%. On the other hand, California has been facing a lot of issues. The major ones are housing inflation and the increase in inflation. 

Therefore, this led to a mass exodus. For the first time ever, the state witnessed a population decline in 2020 when the state imposed rigid lockdowns during the COVID-19 pandemic. From January 2020 to July 2022, the state lost almost a million people to other states. 

The number of residents leaving compared to those moving in is higher by Alamo’s 700,000. Therefore, this made a huge impact on the state’s economic status. As it is highly dependent on its residents, it is clear why it will have budget constraints. 

ALSO READ: Newsom’s Proposed Homelessness Solution Sparks Backlash From Mental Health Advocates

According to census data, Texas is the most popular state where people from California moved to. Following closely are Arizona, Florida, and Washington. If he wants to maintain a stable economy, the governor has his work cut out for him. 

While he assures residents that his administration is working tirelessly to manage the situation adequately. Many hope his plans to reduce these budget deficits will be successful as they directly impact the state’s economy. 

You Might Also Like:

Chloe Fineman Speaks About Her Buzziest “SNL” Sketches in New Campaign

Judge Orders Officers to Jail Indicted FBI Informant While He Awaits Trial

“We Need Change!” Mourners Fume While Mourning Death of Nonbinary Student in Oklahoma City Vigil

Greg Abbott Takes Credit for Fall in Migrant Entries Into Texas

Migrant Influx Raises Concerns in Predominantly Hispanic US City

Budgets Deficits California Gavin Newsom
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleChicago Police Officer Sues City for Refusing to Allow Him Change His Race
Next Article US Border Patrol Chief Says Armed Bandits Attacked Migrants Crossing the Southern Border Illegally

Related Posts

General

Jeff Bezos Wedding Surprise: The One-of-a-Kind Gift for Every Guest

July 1, 2025
News

Kristin Cavallari Talks Custody ‘Change’ With Ex Jay Cutler

June 30, 2025
Celebrity Kids

DDG Files Restraining Order Against Halle Bailey

June 10, 2025
Latest Posts

Rihanna’s Pregnancy Update: A$AP Rocky Hints at Baby’s Sex

July 4, 2025

Brad Pitt and Ines De Ramon: Inside His New Relationship After Divorce

July 3, 2025

Katy Perry and Orlando Bloom Split After Nearly 10 Years Together

July 2, 2025

Jeff Bezos Wedding Surprise: The One-of-a-Kind Gift for Every Guest

July 1, 2025

Kristin Cavallari Talks Custody ‘Change’ With Ex Jay Cutler

June 30, 2025

Jennifer Garner and John Miller Share Rare PDA at Charity Event

June 26, 2025

Megan Thee Stallion Love Island Appearance: How the Rap Star’s Glam Bikini Look Stole the Show

June 25, 2025

Sofia Richie and Elliot Grainge Revisit Lavish Wedding Venue Amid Backlash Over Cheating Rumors

June 24, 2025
About
About

We’re a news, entertainment and lifestyle hub that is dedicated to giving you quality insight on the latest lifestyle news, movie and TV news, celebrity news and lots more.

Contact us: info@gistfest.com

MOST POPULAR

Alina Nikitina: Everything We Know About the Russian Model

October 4, 2023

Jennifer Rauchet: Inside the Life of Pete Hegseth’s Wife

August 30, 2023

Jacob’s Ladder Piercing: All You Need To Know

July 21, 2023

Subscribe to Updates

Get the latest news delivered straight to your inbox!

Facebook X (Twitter) Instagram
  • Disclaimer
  • About us
  • Privacy Policy
  • Contribute & Advertise with Us
© 2025 GistFest. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.