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EconomyCalifornia Budget Surplus

California Budget Surplus


California’s Debt to GDP percent is falling. It is currently 20.62%. Spending and debt continue to rise, but the level of revenue is increasing faster.

Governor Jerry Brown (D) proposed a new budget on Thursday which raises spending on schools and the social safety net.

California public schools (K-12) would get $1.89 billion more than last year and the state would pay back $1.8 billion that it owes schools from previous years.

“This is new; this is a breakthrough,” Brown stated during today’s news conference. “But it doesn’t mean we’re in the clear.”

According to the San Jose Mercury News, Brown calls for paying $4.2 billion down on the “wall of debt” built by previous governors — “paying for the expenses of the past instead of meeting current needs” — and establishing a $1 billion rainy-day fund.

Layne Heinyhttp://www.layneheiny.com
LPH is a high school physics teacher interested in the Apple iPad and iPhone, Microsoft Surface, Tablet PCs, and other mobile devices. He resides with one large dog who begs for pizza, hamburgers, French fries, and anything else on the dinner table.

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