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    Anita Chabria: Who is to blame for California's budget woes? Try Mother Nature

    by Anita Chabria, Los Angeles Times Jan 11, 2024 3 minutes
    Governor of California Gavin Newsom attends a press conference in Beijing on October 25, 2023.

    SACRAMENTO, Calif. — California has officially entered the era of climate-driven economic insecurity.

    On Wednesday, Gov. Gavin Newsom laid out his new budget, facing a nearly $38-billion shortfall.

    That missing money is mostly due to lower-than-expected tax revenue on capital gains — the stock and investment earnings of the Golden State's wealthiest folks weren't quite what were expected.

    But, unlike most years when state officials have a grasp by April, when taxes are usually filed, of how much money California can responsibly spend, last year was different.

    Mother Nature slammed the and . Capitola was hit with a , submerging homes and crops and revealing the fragility of an expensive levee. The , according to the National Centers for Environmental Information.

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