Big story of the day: California budget. Not being widely reported yet, but California in deep doo-doo.
- WSJ: record $68 billion budget deficit;
- discussed on the blog back in May, 2023;
- PBS: Newson, who orchestrated this budget deficit, says the deficit is only$32 billion and manageable;
- Politico: back in November, 2022 -- we saw it coming; only $25 billion deficit; after years off record cash;
- AP: California budget deficit balloons; $68 billion; let's see what Moody says.
Problem easily solved: increase taxes on the wealthy. Maybe even start taxing unrealized gains. That's already done in housing.
