Another socialist state is failing
California reels from a $68 billion budget deficit caused by people and business fleeing the country en masse caused by the homelessness and other disastrous effects of democrat policies.
https://www.msn.com/en-us/money/markets/68-billion-deficit-rocks-california-here-s-what-s-causing-it/ss-BB1h5Jjl
$68 Billion Deficit Rocks California - Here's What's Causing It

California is currently facing a significant financial challenge, marked by a severe revenue decline and a record $68 billion budget deficit.

This situation has arisen amid a notable trend of population and business migration away from the state. The Democratic leadership in California is now faced with the difficult task of addressing this deficit, likely necessitating cuts in state spending.

>The Exodus Phenomenon
The state of California is witnessing an ongoing exodus of its residents and businesses. Many are relocating to states governed by Republicans, contributing to California's financial troubles.

This movement has impacted the state's economy, as the loss of population and businesses affects the overall revenue generation, exacerbating the budget deficit.

>A Rapidly Growing Deficit
In a matter of months, California's budget deficit has alarmingly increased from an estimated $14.3 billion in June to an unprecedented $68 billion.

Although this isn't the largest deficit the state has faced when considered as a percentage of total spending, it is the largest in absolute dollar terms, presenting a formidable financial challenge

>Tax Revenue Losses Unaddressed
The Legislative Analyst's Office's report on California's budget crisis does not specifically address the billions in tax revenue losses resulting from the departure of people and businesses.

The report attributes the significant increase in the deficit and lower revenues to changes in the state's tax filing deadlines and poorer economic conditions than expected.