Twelve years after Enron bilked California consumers out of $20 billion and the state coincidentally experienced a budget shortfall of roughly the same amount, two years after California replaced an incompetent Republican governor with an experienced Democrat, and two months after California voters raised taxes on the wealthy through a ballot initiative, Gov. Jerry Brown announced today that the state will have its first budget surplus in more than a decade:
After years of red ink, Gov. Jerry Brown said on Thursday that California’s $96.7-billion general fund is now poised to end next year with a surplus, thanks to years of deep budget cuts and billions in new taxes approved by voters last year.
“We achieved the position we’re in because of tough cuts … and then the people voted for taxes,” he said. “We broke the logjam by going to the people.”