Just in January, California was predicting that the deficit would be $9 billion. Now at the beginning of May, just four months later, the estimated deficit has increased by about 74 percent. The reason according to Bloomberg
“Tax receipts are coming lower than expected and the federal government and the courts have blocked us from making billions of necessary budget reductions. The result is that we are now facing a $16 billion deficit.” . . .
It would be nice to have a breakdown by reason. Finally, it is amazing that Democrats think that they can impose taxes and not have it impact people's behavior.
Labels: Economy, stimulus