Due to the 20 billion leant to California during Covid for unemployment not being paid back to the Federal government thanks mainly to massive fraud
Newsom triggered a retroactive December 2023 increase in federal withholding for California employers in the state. That payroll tax will rise every year by 0.3 percentage points until the federal loan is settled.
Now, because of unemployment, declining tax revenue, and reckless state spending, Chas Alamo, the state auditor, can’t say when that settlement will happen. Meantime, California employers will continue picking up the tab for the $20 billion principal. But all California taxpayers will pay the interest, a cost that Alamo figures will range “from $300-$500 million per year.” But that’s a guess, too, of course. In June, Newsom split the 2023 interest payment between the already distressed general fund ($231 million) and the Employment Training Fund ($100 million).
Newsom mentions none of this, of course. He’s busy trolling Musk and Trump and banging the drum for Team Biden while eyeballing his own presidential prospects. But asserting Biden’s expertise in managing the American economy illuminates Newsom’s own shortcomings. So, among California’s other major exports — Hollywood movies, technology, and farm products — let’s now include irony.
Today is not just some isolated incident.
The central premise of the Biden campaign is that President Donald Trump is an authoritarian fascist who must be stopped at all costs.
That rhetoric led directly to President Trump's attempted assassination.