Episode 243 - Why Is California Broke?

California Underground Podcast: Discussing California Politics Through a Lens of Sanity

25-01-2024 • 56 mins

Are you a Californian who feels like your views on politics in California are not popular? Do you feel like no one will agree with you? Feels like when you meet someone who does agree you are part of a secret underground club of people who think like you? Then join us on the California Underground Podcast to hear others who share your views and solutions to save our beautiful state.


On this episode, we discuss the recent news that California has a $68 billion budget deficit, how it got this bad, and whether or not it will get better in the future.


This episode was recorded on 1.23.24


*The California Underground Podcast is dedicated to discussing California politics from a place of sanity and rationality.*


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Takeaways

  • California's budget deficit is a significant concern for voters, with 57% considering it an extremely serious problem.
  • A majority of voters support cutting government services and using the rainy day fund to address the deficit, while raising taxes is the least popular option.
  • The state's reliance on volatile revenue streams, such as income taxes and taxes from tech companies, contributes to the budget fluctuation.
  • Prop 13, which limits property taxes, prevents a more stable revenue stream for the state.
  • The $1.6 trillion debt, including underfunded pensions, is a long-term challenge that needs to be addressed.
  • Climate change is not the primary cause of California's budget deficit, despite claims made in some articles.
  • Prominent politicians should address the state's debt and develop plans to pay it down.

Chapters

00:00 Introduction and Weather Impact

03:09 Nikki Haley's Loss

06:50 Impact on California GOP08:13California's Budget Deficit

17:34 Reasons for Budget Fluctuation

25:23 Volatility and Prop

1333:38 Solving the Budget Deficit

46:55 Climate Change as a Cause

49:37 Public Opinion on the Budget Deficit

54:50 Proposed Wealth Tax Act

55:28 Final Thoughts

56:27 Budget Negotiations

57:15 Wasted Money on Presidential Candidates

57:53 Importance of Local Races

58:26 Lack of Interest in Local Races

58:46 Final Thoughts and Call to Action

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