California is facing a $68 billion budget deficit, the nonpartisan Legislative Analyst's Office said Thursday.
The problem is inflation and how the U.S. government is trying to control it. The Federal Reserve has been increasing a key interest rate that makes it more expensive for people and businesses to borrow money. That means fewer people are buying homes and fewer businesses are hiring workers.
#California #budget deficit #tax revenues #education spending #unemployment #inflation #Federal Reserve
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