The deficit will likely lead to some painful spending decisions but won't affect programs like free kindergarten for 4-year-olds and free health care for low-income immigrants living in the country without legal permission.
SACRAMENTO, Calif. --
Revenue has increased steadily in California for the past decade. This year, a $72.4 billion surplus pushed total state spending to more than $300 billion for the first time. &P 500, a key indicator of the health of the stock market that drives the incomes of the super rich, has fallen more than 17% since its peak in January.
"The longer inflation persists and the higher the Federal Reserve increases interest rates in response, the greater the risk to the economy," the LAO said. "The chances that the Federal Reserve can tame inflation without inducing a recession are narrow." But California is in a much better position to weather a potential recession than it has been in the past. The state has more than $37.2 billion stored in its various savings accounts. And the state has plenty of cash available to meet its obligations this year.
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