California Gov. Gavin Newsom (D) has turned to climate change to explain how the state went from a $100 billion surplus two years ago to a $28 billion deficit, which would have been even higher prior to drastic actions last month.
As CalMatters noted, deficit estimates ranged from $38 billion to $73 billion:
That prompted Newsom and the Legislature to take “early action” last month to reduce the deficit by more than $17 billion ahead of the regular budget process. Their plan included some program cuts, but mostly relied on new revenue, internal borrowing and funding delays and shifts for savings, earning criticism from Republican lawmakers for being “gimmicky” and “balanced on hopes and prayers.”
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Why does California have such a financial problem? The
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