Commentary California is flush with cash and Gov. Gavin Newsom is giving it away. The state found itself with about $12 billion in unexpected revenue for the current fiscal year, and Newsom announced May 10 that he wants to give all of it away. He said he wanted to fund “nearly $12 billion in direct cash payments to Californians hit hardest by the pandemic…[including] more than $5 billion in aid … to those who need help paying their rent or utility bills.” Even so, contributions to the state “rainy day fund,” or budget stabilization fund, are down from the year-ago period. Last year through April 30, the state had added $14 billion to its stabilization fund. This fiscal year, California used a net $8 billion from the fund. The state pulled $16 billion from the fund earlier this fiscal year, but since deposited $8 billion back into it. It means …