Commentary
This really is Fantasyland.
The projected “surplus” in Gov. Gavin Newsom’s proposed budget for fiscal 2022-23, which begins on July 1, is $97.5 billion. That would be more than the entire general fund budget for 2012-13, which was $96.6 billion. Just a decade ago. At his press conference, Newsom said, “You’ve never seen a number like this.”
That’s true. This is the 35th year I’ve been writing about California budgets, and usually there’s a small surplus, or a deficit that has to be cut sharply through much wrangling with the legislature. The problem: It won’t last because it can’t last….