Newsom's last budget risks California's finances

California’s budget has grown by nearly $147 billion over seven years, reaching approximately $356 billion, driven by increased spending on programs such as homelessness, Medi-Cal, and education. Despite the record expenditure, core issues like homelessness, affordability, and education quality remain unresolved. The article criticizes the state's reliance on volatile revenue sources like the stock market and warns that aggressive tax policies, including potential wealth taxes, threaten to drive away taxpayers and undermine fiscal sustainability.

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