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Monday, May 08, 2023

The financial sense of a two year old

SACRAMENTO, Calif. — California's complicated budget outlook may face even more challenges outside of the state's control, with financial risks fermenting at the national level.

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Palmer confirmed on Wednesday the state's budget deficit is inching closer to about $30 billion. In January, Gov. Newsom pegged the projected shortfall at $22.5 billion. According to the latest data from March, state revenue is down an additional $4.7 billion.

Yet even with all that, this is still on the table:

The State of California is one step closer to paying reparations to Black residents whose ancestry goes back to the American slave trade.

The California Reparations Task Force released estimates, as well as breakdowns of the methodology used to determine the amounts, on Monday ahead of a critical vote that will take place later this week.