Gov. Gavin Newsom has defaulted on California’s $20 billion COVID debt to the federal government — and local businesses will be stuck paying the bill, to the tune of thousands of dollars each year.
While our gallivanting governor has been touring abroad and running ads in Texas and Florida touting the excellence of California, he and his party once again have made life harder for business owners and employees who have to work for a living.
They ignore the mass migration of businesses to other states, thinking no matter what they do, California companies will just accept what they are handed.
You might have heard that, in 2022, the state supposedly had a massive surplus of roughly $90 to $100 billion.
That was caused by high earners and their stock gains — as well as heavy federal spending in the early Biden years.
While Gov. Gavin was out crowing about the surplus, I had a novel idea: He should use the extra money to pay down debt.
Our state currently owes about $450 billion, including pensions, when it should be near zero.
