• California's fourth-ranked economy is also tops in unemployment, povert

    From John Smyth@21:1/5 to All on Sat May 10 20:28:17 2025
    XPost: alt.fan.rush-limbaugh, alt.politics.republicans, talk.politics.guns

    Who the flip would voluntary live in COMMIEfornia?
    It's a shithole.

    "California’s fourth-ranked economy is also tops in unemployment,
    poverty and deficits"

    <https://calmatters.org/commentary/2025/05/california-fourth-ranked-economy-budget/>

    'California’s economic output has surpassed $4 trillion a year and in
    doing so slipped past Japan to become, were it a nation, the globe’s
    fourth largest economy, surpassed only by the United States, China and
    Germany.

    The news was an opportunity for Gov. Gavin Newsom to exercise his
    penchant for braggadocio.

    “California isn’t just keeping pace with the world — we’re setting the pace,” Newsom declared. “Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of
    innovation.”

    It was also an opportunity for Newsom to take another shot at President
    Donald Trump, saying, “while we celebrate this success, we recognize
    that our progress is threatened by the reckless tariff policies of the
    current federal administration. California’s economy powers the nation,
    and it must be protected.”

    If California’s economy is booming, as Newsom boasts, one might wonder
    why the state’s unemployment rate is the third highest in the nation,
    with more than a million jobless workers, and why its poverty rate is
    the nation’s highest.

    One might also wonder why, if California’s economy is so healthy, the
    state budget is experiencing chronic multi-billion-dollar deficits.

    Newsom must tell the Legislature this month how he would alter the
    2025-26 budget he proposed in January, touching off the annual whirlwind
    of negotiations to produce a more-or-less final version for adoption by
    June 15.

    The January budget proposed at least $11 billion in short-term fixes,
    including off-the-books borrowing, dips into the state’s budget reserves
    and accounting gimmicks to close the gap between projected income and
    the spending dictated by current law.

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    Tax revenues are running a bit ahead of expectations so far this year,
    but not nearly enough to close the deficit, which has widened due to
    spending on Medi-Cal, California’s health care system for the poor
    that’s far exceeding the level of the 2024-25 budget enacted last June.

    Overall, Medi-Cal expenditures are over $6 billion higher than
    expectations, with a major chunk caused by higher-than-expected
    enrollment of undocumented immigrants.

    Therefore the May revise, as it’s dubbed, is likely to contain even more expedient fixes that may postpone the day of fiscal reckoning until
    Newsom’s governorship ends two years hence but will continue to plague
    his successor and the Legislature.

    The Medi-Cal situation exemplifies the underlying reason why
    California’s budget is unhealthy while the state’s economy continues to grow, albeit without producing many new jobs.

    The pertinent data is to be found in a recent publication by the Legislature’s budget analyst, Gabe Petek, called “CalFacts 2024.”

    Read Next
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    by Dan Walters
    It reveals that since Newsom became governor in 2019, state spending has increased, on average, by 9% a year while annual revenues have grown by
    just 6%. The difference between those two numbers constitutes what
    budget mavens call a “structural deficit,” meaning that spending baked
    into law far exceeds what the current revenue system can generate.

    The underlying discrepancy between income and outgo is important to
    remember, because when Newsom unveils his revised budget he’s likely to
    cite the Los Angeles wildfires and Trump’s tariffs as factors in the budget’s gap.

    Both of those events are likely to increase the deficit, but they didn’t cause it. The deficit exists because Newsom and the Legislature have chronically spent more than the revenue system produces, even though Californians have one of the nation’s highest state and local tax
    burdens, relative to the state’s economy.

    Moreover, by tapping into reserves meant to cushion the impact of
    recessions or other emergency situations, Newsom and legislators have
    weakened the state’s ability to cope with genuine economic setbacks or disasters, such as the wildfires'

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  • From J Carlson@21:1/5 to All on Sat May 10 19:41:48 2025
    XPost: alt.fan.rush-limbaugh, Oh.no.this.most.certainly.is.NOT.going.to.alt.politics.republicans, talk.politics.guns

    On 5/10/2025 5:28 PM, Nazi cocksucker "John Smyth" lied:

    [lies erased]

    California — the *best* state, hands down — is:

    * 26th for poverty

    https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_poverty_rate

    * 48th for unemployment
    https://www.bls.gov/web/laus/laumstrk.htm

    "Deficits" are unimportant.

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