Bay Area Council Statement on Gov. Newsom’s Proposed 2023 Budget
“California is facing significant economic headwinds and Gov. Newsom’s proposed budget reflects the choices we’ve made in the past, the challenges ahead and the spending restraint we’ll need to weather a sharp downturn in revenue,” said Jim Wunderman, President and CEO of the Bay Area Council. “Staring down the barrel of a $22.5 billion deficit, we’re glad to see the Governor resist dipping into reserves and focus instead on strategic cuts.
“Gov. Newsom’s sharp words on homelessness are appropriate and our cities and counties need to listen up and step up to do more with the already massive amounts of money they have to finally address this awful humanitarian crisis. We’d like to see more emphasis on addressing the fiscal cliff facing our state’s public transportation systems and the plight of thousands of small businesses still reeling from the unemployment insurance hangover caused by the pandemic.
“While California boasts one of the most progressive tax structures in the country we can’t ignore our growing fiscal and economic vulnerability from our over-reliance on high-income earners, particularly as they leave for lower cost states. We applaud the Governor for making difficult choices with this budget and we look forward to working with him and the Legislature on a final spending plan that prioritizes economic recovery and growth, promotes fiscal stability and continues to make critical investments for our future.”
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About the Bay Area Council
The Bay Area Council is a business-sponsored, public-policy advocacy organization for the nine-county Bay Area. The Council proactively advocates for a strong economy, a vital business environment, and a better quality of life for everyone who lives here. Founded in 1945, the Bay Area Council is widely respected by elected officials, policy makers and other civic leaders as the voice of Bay Area business. Today, more than 300 of the largest employers in the region support the Bay Area Council and offer their CEO or top executive as a member. Our members employ more than 4.43 million workers and have revenues of $1.94 trillion, worldwide. Learn more at www.bayareacouncil.org.