California was a state that ran in the red forever.
Newsom has returned it to that status after some ridiculous spending sprees to pacify the far left.
Somehow, he turned a $98 billion surplus into a $25 billion debt in a single year.
When Trump was in office, California started to turn the tide.
The economic boom coupled with Joe Biden’s freebies enabled the state to finally go deep into the black.
Newsom siphoned off some of that cash to send to lower-income households, giving them all $400.
California is heavily reliant on tech and the entertainment industries for income, however, and tech is getting crushed right now and Hollywood is putting out bomb after bomb.
So, in addition to his lavish spending, revenue has dropped.
Remember, we also have a recession that has been projected, which could create an even bigger problem for California.
If that happens, current projections have the state losing anywhere from $30 to $50 billion, so you can see the rabbit hole that Newsom is about to fall into here.
The timing of this could not be worse for Newsom, who has had whispers of possibly running for president if Joe does not run.