$100 Billion Surplus Turns Into $24 Billion Deficit
Commentary
Just like that, California’s record $100 billion surplus has vanished into the Pacific Ocean fog, replaced by a $24 billion deficit. That’s according to the projections of the nonpartisan Legislative Analyst for fiscal year 2023-24, which begins next July 1, in “The 2023‑24 Budget: California’s Fiscal Outlook.”
Well, I warned them repeatedly right here in The Epoch Times. Here are two:
May 26: “California should expect the vast wealth currently generated by our world-leading tech sector won’t last forever. Indeed, looking at the exodus of Tesla and other firms shows there are storms on the horizon. The tech gold rush, too, someday will end.”…