Newsom’s Final Budget Defers the Difficult Budget Decisions to California’s Next Governor Wayne Winegarden July 2026 The FY2026-27 Budget Basics Gov. Newsom has signed the FY2026-27 budget – Newsom’s final one as governor. He claims the budget “prioritizes fiscal restraint” and promotes “long-term sustainability,” but the numbers tell a different story. According to the agreement, the state will spend $351.7 billion in the 2026-27 fiscal year, which is nearly $27,000 per household. Overall state spending ...

Despite the Rhetoric, Newsom’s Revised Budget Confirms That California’s Budget Troubles Are Just Getting Started Wayne Winegarden May 2026 With the release of the May Revise, budget negotiations between the Governor, Assembly, and Senate will now kick into high gear. Tax revenues for the current fiscal year are better than expected. Still, fiscal discipline is required, and when it comes to fiscal responsibility, Gov. Newsom talks a good talk, but even a cursory review demonstrates ...

A new study released today by the Pacific Research Institute finds that California’s economic performance has fallen sharply behind the rest of the nation, with job growth since the COVID-19 pandemic at less than half the national rate, while the state’s high cost of living is erasing its income advantage. Click here to download the study. The report, “California at a Crossroads: How Bad Policy Cost California Its Economic Edge – and How to Win ...

Stock Market Volatility Is a Growing Threat to California’s Upcoming Budget Wayne Winegarden March 2026 Warren Buffett famously noted that “when the tide goes out, you discover who’s been swimming naked.” Heeding Buffet’s wisdom, we will soon discover whether Governor Newsom and state legislative leaders are in need of some swimwear. California’s personal income tax system is excessively progressive. The top 1 percent of income tax filers typically fund between 40 percent and 50 percent ...