{"id":1856324,"date":"2023-02-22T09:20:22","date_gmt":"2023-02-22T14:20:22","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1856324"},"modified":"2023-02-22T09:23:32","modified_gmt":"2023-02-22T14:23:32","slug":"blue-states-blues-california-gov-newsom-underestimated-states-deficit-by-7-billion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blue-states-blues-california-gov-newsom-underestimated-states-deficit-by-7-billion\/","title":{"rendered":"Blue States Blues: California Gov. Newsom Underestimated State&#8217;s Deficit by $7 Billion"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fblue-states-blues-california-gov-newsom-underestimated-states-deficit-by-7-billion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1856324&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/02\/NEWSOM-640x335-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p class=\"subheading\">California Gov. According to the report by the nonpartisan Legislative Analyst&#8217;s Office last week, Gavin Newsom&#8217;s projected deficit budget of $22.5 billion could have been underestimated by $7 billion.<\/p>\n<p>Fox News <a href=\"https:\/\/www.foxnews.com\/politics\/gavin-newsom-predicted-massive-budget-deficit-california-reality-worse\">Notes<\/a>, Newsom told Californians last month to expect a $22.5 billion deficit in the coming fiscal year \u2014 after a surplus of $100 billion, driven in part by federal grants for coronavirus relief spending.<\/p>\n<p class=\"a8d-pre\">According to the LAO, the deficit could even be worse. It states in a new report (emphasis added),:<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<blockquote>\n<p>Due to a deteriorating revenue picture relative to expectations from June 2022, both our office and the administration anticipate the state faces a budget problem in 2023\u201124. The Governor&#8217;s budget revenue estimates may seem reasonable but they are likely to be too high. In particular, using recent revenue collections and economic data, we estimate there is a two\u2011in\u2011three chance that state revenues will be lower than the Governor&#8217;s budget estimates for 2022\u201123 and 2023\u201124. <strong>Our best estimate is that revenues for these two years will be roughly $10 billion lower\u2014implying a larger budget problem by about $7 billion.<\/strong> (There are many other factors that will also affect the budget problem&#8217;s actual size. That said, after adjusting for inflation, anticipated revenues for 2023\u201124 still would remain about 20 percent higher than before the pandemic.<\/p>\n<\/blockquote>\n<p>California&#8217;s budget is volatile due to its dependence on taxes on the highest-earning citizens. Their income changes with the stock market.<\/p>\n<p>Newsom and state Democrats <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/01\/11\/gavin-newsom-reports-california-has-45-7-billion-surplus-after-26-billion-from-feds\/\">Use<\/a> the surplus to spend on various left-wing priorities,\u00a0including health insurance for all residents \u2014 including those in the country illegally.<\/p>\n<p class=\"a8d-pre\"><em>Joel B. Pollak serves as Senior Editor at Large at Breitbart and is the host of <\/em>Breitbart News Sunday<em> Sirius XM Patriot Sunday evenings, 7 p.m.-10 p.m. ET (4 p.m.- 7 p.m. PST). The author of the new biography is he. <a class=\"x5l\" href=\"https:\/\/www.amazon.com\/Rhoda-Comrade-Kadalie-Order-Biography\/dp\/1776413474\/?tag=breitbart035-20\" target=\"_blank\" rel=\"noopener external\">Rhoda: \u2018Comrade Kadalie, You Are Out of Order&#8217;<\/a>. He is also author of the e-book. <a class=\"x5l\" href=\"https:\/\/www.amazon.com\/Neither-Free-nor-Fair-Presidential-ebook\/dp\/B08PNN54BB\" target=\"_blank\" rel=\"noopener external\">The 2020 U.S. Presidential Election is neither free nor fair<\/a>. He is the 2018 Robert Novak Journalism Alumni Fellowship winner. Follow him on Twitter @ <a class=\"x5l\" href=\"https:\/\/twitter.com\/joelpollak\" target=\"_blank\" rel=\"noopener external\">@joelpollak<\/a>.<\/em><\/p>\n<figure id=\"D-ROS-B2\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>California Gov. According to the report by the nonpartisan Legislative Analyst&#8217;s Office last week, Gavin Newsom&#8217;s projected deficit budget of $22.5 billion could have been underestimated by $7 billion. Fox News Notes, Newsom told Californians last month to expect a $22.5 billion deficit in the coming fiscal year \u2014 after a surplus of $100 billion, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1260988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[4138,9559,4045,9647,8338,3678,5090,19357],"class_list":["post-1856324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-blue","tag-blues","tag-california","tag-deficit","tag-gov","tag-newsom","tag-states","tag-underestimated"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1856324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1856324"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1856324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1260988"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1856324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1856324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1856324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}