Commentary The year 2022 will be critical for California. Some possibilities: The state budget. Early in January, Gov. Gavin Newsom will release his proposed budget for fiscal year 2022-23, which begins on July 1. Because governments run on money, the governor’s numbers will set the stage in 2022 for all discussions in all areas of state and local government. The proposal will contain economic assumptions. There have been times—the late 1990s and mid-2000s most recently—where governors were too optimistic on revenue projections, which dried up in the heat of recessions. But beginning with Gov. Jerry Brown a decade ago, even good times have been downplayed in these budget numbers. Which makes sense. Better to expect less money than you might get than spend more than you might have. Still, these are good times. The thing to look for is whether Newsom expects a possible recession in 2023, the second half …
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