Like the feds, California has a spending problem, not a revenue problem. The non-partisan California Legislative Analyst has released a new report that’s a cautionary tale for America as Gavin Newsome prepares to make a run at the White House. Under the current trajectory, California will spend more money than it will take in via tax revenue facing a projected $18 billion budget shortfall for the upcoming fiscal year 2026-27 that starts on July 1st. The report adds, “Starting in 2027-28, we estimate structural deficits to grow to about $35 billion annually due to spending growth continuing to outstrip revenue growth.” And no one-time tax on billionaires will fix that.
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