Gov. Newsom Unveils Record Budget
Gov. Newsom today released his revised budget, a sweeping and historic $267 billion spending plan that is designed to get California’s economy back at full throttle, restore the 1.5 million jobs lost during the COVID shutdown, address long-standing social, economic and racial inequities and invest in solving many of the state’s biggest challenges. Bay Area Council CEO Jim Wunderman today released the following statement reacting to the proposal:
“California just got a new ‘Eureka!’ moment,” said Jim Wunderman, President and CEO of the Bay Area Council. “We applaud Gov. Newsom for his bold and sweeping budget plan, which promises visionary and transformative change in addressing many of California’s biggest and most nagging challenges. The Governor’s plan takes a massive swipe at deep and long-standing social, racial and economic inequities across the state, while increasing the state’s budget reserves and addressing other important fiscal vulnerabilities. We are grateful for the $100 million the Governor is proposing to fund an accessory dwelling unit financing program that we are working to create and we strongly support the $12 billion Gov. Newsom is proposing to combat homelessness. And we believe the $750 million the Governor has proposed for a Community Economic Resilience fund can be a game changer in boosting regional economic competitiveness. This historic budget wouldn’t have been possible without the many thousands of job creators, workers, investors and entrepreneurs who continue to believe in the California Dream and whose hard work and tax dollars are ensuring that this great state remains a global economic and innovation powerhouse. We look forward to working with Gov. Newsom to ensure California comes roaring back.”
The Council is continuing to review Gov. Newsom’s spending plan and will be weighing in in more detail as the proposed budget now goes to the Legislature for consideration. In particular, we are looking closely at the implications of the state’s massive unemployment insurance debt and what that means for employers and employees.