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(PRESS DEMOCRAT) – California’s broader economy is a bit sluggish, but certain sectors have been booming, thanks to record low interest rates and many billions of stimulus dollars from Uncle Sam.
Retail sales, housing and the stock market, three sectors that are very sensitive to federal fiscal and monetary policies, are soaring, even as the state grapples with the nation’s highest unemployment and poverty rates.
The state treasury has seen a bumper crop of tax revenues from the highflying sectors, giving Gov. Gavin Newsom and state legislators tens of billions of extra dollars to spend.
The state budget enacted in June spent the bounty on a wide variety of new and expanded programs, including cash payments to low-income Californians, but revenues are continuing to outpace the budget’s estimates by billions of dollars.
It means, the Legislature’s budget analyst, Gabe Petek, said last week, that the 2022-23 budget could have a $31 billion surplus — so much that it will collide with the state’s rarely invoked Gann spending limit.
