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Go woke, go broke! California warns state budget will plunge $25 billion into the red in 2023


After two years of budget surplus, the state of California will likely face a $25 billion budget deficit next year driven primarily by high inflation and a weakened economy.

The 2023-2024 fiscal year deficit projection comes despite a projection in May that forecast a surplus of just under $100 billion for the current fiscal year. 

The predicted shortfall comes from the nonpartisan Legislative Analyst’s Office. Their report indicates that California may be heading for its weakest yearly performance since the Great Recession.

The deficit is primarily being driven by a significant decline in income tax revenue and stock market drop-offs, though the analysts noted that the ongoing layoffs in the tech sector are also contributing to the deficit.  

Gabriel Petek of the Legislative Analyst's Office says the predicted budget deficit is a 'notable budget problem,' but not yet a 'crisis'

Gabriel Petek of the Legislative Analyst’s Office says the predicted budget deficit is a ‘notable budget problem,’ but not yet a ‘crisis’

Petek's office has suggested pausing funding for certain climate programs until the state's revenue streams, and therefore budget, have stabilized

Petek’s office has suggested pausing funding for certain climate programs until the…



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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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