The early passages in a 400-page “summary” of Gov. Gavin Newsom’s new budget describe the presumably wonderful ways he intends to spend nearly $300 billion in the 2022-23 fiscal year.
They include what he clearly hopes will make a re-election year splash and become one of his legacies – extending state medical coverage to 100% of California’s nearly 40 million residents by folding in undocumented immigrants ineligible for federally financed care.
During a nearly three-hour news conference in which he showed off his prodigious memory of data, Newsom also touted new spending on five “existential threats” to California, including climate change, COVID-19, homelessness, the cost of living and crime.
New commitments are doable, he said, because of tens of billions of unanticipated tax dollars, largely from the state’s highest-income taxpayers, who are seeing huge profits on stocks and other investments.
The back pages of the budget summary explain why Newsom believes that the overall economy, and prticularly the personal finances of the wealthy, will continue to pump billions into the state treasury for at least a few more years.