California Facing $32 Billion Deficit as Leftists in the State Call for $800 Billion in Reparations

California Facing $32 Billion Deficit as Leftists in the State Call for $800 Billion in Reparations

A task force in California has recommended reparations payments for slavery that would cost at least $800 billion dollars.

The whole concept is crazy on its face. California was never a slave state. It’s all being advanced under the cloak of the progressive concept of equity.

Gavin Newsom has been vague about his support for this and maybe now we know why.

California is facing a $32 billion deficit. You can’t spend $800 billion when you’re already down by $32 billion.

Breitbart News reports:

California Faces a $32 Billion Deficit, ‘This Was Not an Easy Budget’

California Governor Gavin Newsom (D) announced a revised budget plan to address the state’s $32 billion deficit.

Since January, the state’s deficit has grown by $10 billion, as reported by the AP. While the state’s budget is balanced this year, in the coming years the state is committed to spending more money than it will receive from taxpayers.

In the current tax system, the state receives 50 % of its taxpayer dollars from 1% of the population. When the economy and stock market are doing well, the state will receive more in taxes, but when the economy is on the brink of a recession, the wealthy will pay less in taxes.

The press release states:

While the May Revision does not forecast a recession, it recognizes increased risks to the budget since January that could significantly change the state’s fiscal trajectory in the near term. Taking this into account, the plan reflects $37.2 billion in total budgetary reserves, including $22.3 billion in the Budget Stabilization Account.

There is no money for reparations. It’s a pipe dream.

The worst part for California is that the state is not growing, it’s shrinking. California has lost population for two years now, not to mention the businesses that have left the state.

Their tax base is getting smaller, not larger. Tough times are ahead.

The post California Facing $32 Billion Deficit as Leftists in the State Call for $800 Billion in Reparations appeared first on The Gateway Pundit.

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Author: Mike LaChance