To: Governor Gavin Newsom
Gov. Brown: California's $4.5 billion surplus must RESTORE CUTS, not fund Wall Street
Use California's $4.5 billion budget surplus to refund devastating cuts made to education and vital programs, not to pay down debt to Wall Street banks.
Why is this important?
State budget cuts during the Great Recession have been devastating. Tuition is up more than 50% at the University of California and California State University systems. CalFire is doing its best to fight raging wild fires in Southern California, despite cuts of $27 and $34 million.
Thanks to progressives, California passed Proposition 30 last fall, increasing income taxes on the wealthiest 2% of Californians. The results are better than anyone could have hoped. In one year, we've gone from a $16 billion deficit to a $4.5 billion surplus.
But now, Gov. Brown refuses to use the extra funds to restore horrific cuts made during the Great Recession. Instead he wants to pay Wall Street banks. The real way to fix California's debt problem is to grow the economy through funding education and other vital programs.
Thanks to progressives, California passed Proposition 30 last fall, increasing income taxes on the wealthiest 2% of Californians. The results are better than anyone could have hoped. In one year, we've gone from a $16 billion deficit to a $4.5 billion surplus.
But now, Gov. Brown refuses to use the extra funds to restore horrific cuts made during the Great Recession. Instead he wants to pay Wall Street banks. The real way to fix California's debt problem is to grow the economy through funding education and other vital programs.