Gavin Newsom’s Billion-Dollar Disaster Explodes – Here’s His Stunning New Nightmare
The man with the slickest hair in politics just can’t get enough… bad news. Gavin Newsom, the tyrannical governor of California, was hit with more negative details about how his failed policies have harmed The Golden State.
When this character took office, every leftist hailed him as the golden boy and possibly the future president of the United States. But after years of missteps and policies that sent the state further into financial turmoil, Newsom lost his swagger and appeal.
What he has found is a new title as a failure who has sent California spiraling into the proverbial financial toilet. Newsom now leads a state that is falling deeper into a financial deficit.
From Fox News:
Democratic Gov. Gavin Newsom is facing criticism from his Republican colleagues after he announced the budget deficit is actually $7 billion worse than his initial projections, bringing the total shortfall to nearly $74 billion.
“The Legislative Analysts Office (LAO) had an estimate that is significantly higher,” Republican vice chair of the state budget committee Roger Niello told Fox News Digital in an interview. “The ledge analyst is impartial, and has a long history of being relatively accurate on things like this and prudent, and why the governor continues to insist on using a significantly smaller deficit and even saying that he thinks the LAO is wrong is just puzzling to me.”
Niello credited Newsom’s underestimated budget deficits and his proposed solutions that fell short of the target as key reasons why the state budget has continued to increase.
In January, Newsom estimated the shortfall to be $38 billion, even though the LAO estimated it would be closer to $45 billion. Last Friday, Newsom unveiled his revised budget, projecting the same as the LAO’s billion-dollar deficit through 2024-25 and an additional $28.4 billion in 2025-26, bringing Newsom’s revision to the nonpartisan LAO’s estimate of $73.3 billion.
Newsom’s plans to solve the deficit could arguably be called a budgeting shell game. He announced significant cuts to more than 10,000 government jobs, an 8 percent slash to “state operations,” and he’s giving the boot to the state’s progressive climate programs.
“He is eliminating positions that don’t have people in them, so it’s budgeted spending that’s not going to be spent,” Niello said. “I would put that under the category of a gimmick.”
Two years ago, Newsom signed a $301 billion budget into law and celebrated what he said was a $97 billion surplus. That budget was nearly triple the previous fiscal year and included billions of dollars for climate change initiatives, homelessness, and education.
Two years later the deficit ballooned and undermined Newsom’s claims of a state flush with cash.
“We have highly fluctuating revenues because of our very progressive personal income tax structure. And we go through these cycles, frankly, quite dependently,” Neillo said.
An economic slowdown that was exacerbated by the exodus of businesses and residents to more tax-friendly states hit hard against the state budget. Add in the highest unemployment rate among states and a lowered job growth rate and California’s reliance on income taxes for revenue fell short.
Vince Fong, a Republican vice chair on the state’s assembly budget committee, said on X that it took Newsom just a few short years to go from a $98 billion surplus to declaring a “fiscal emergency.”
“That pretty much defines fiscal mismanagement,” Fong said.
After continued bad news for Newsom, it looks like he will be looking for a golden parachute after his latest term in office. He’ll probably get a high-paying consulting job even though he couldn’t manage his way out of the proverbial paper bag.
Source: Fox News