California faces a projected deficit next year even if the U.S. avoids a recession. Despite the expected shortfall, policymakers say they’ll maintain spending on social programs though advocates are calling for more.
of this year committed an additional $2.3 billion, expected to grow to nearly $5 billion by the 2026 budget year, the Legislative Analyst’s Office said.
Ting’s office contends the state has billions in unspent federal and state dollars in its coffers that could address a potential deficit. Using that money would avoid cuts to programs but delay other projects.Anti-poverty advocates said in interviews they plan to continue pushing for program expansions, arguing the precipice of a downturn is the time to bolster social spending, not cut it.
They estimate 1 million children live in families that would qualify, at an additional cost of $700 million a year. “We know the projected budget shortfalls make it more challenging, but the past few years highlighted why something like this is so important,” said Sasha Feldstein, economic justice policy manager at the California Immigrant Policy Center. “People who are excluded from our safety net have been the most adversely impacted from the COVID-19 pandemic and are the most harmed during times of economic downturn.
The Federal Reserve began hiking interest rates in March 2022 to cool inflation. Then housing sales, initial public stock offeringswithholding fellOver the last decade, California has increasingly relied on some of the state’s highest earners to fund its budget which, among other things, takes aim at poverty and some of the nation’s starkest income inequality.
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