State Budget Blueprint Balances Fiscal Responsibility with Needed Investments and Oversight
SACRAMENTO – Assemblymember Phil Ting (D-San Francisco), Chair of the Assembly Budget Committee, released his Blueprint for a Responsible Budget, which prioritizes investments to further the California Dream for working families, while continuing to build reserves and pay down debts in light of ongoing threats to California’s finances from Washington.
“California’s responsible budgeting practices have put the state on strong economic footing. Continuing to build our Rainy Day Fund, in contrast to the example set by Congress, will protect California from impacts of the growing federal deficit,” said Ting. “However, we cannot ignore the fact that not all Californians have benefited from our state’s renewed prosperity. We need to prioritize smart progressive investments and oversight measures to ensure economic opportunities are accessible to all Californians.”
The blueprint will completely fill California’s Rainy Day Fund to ensure the state can weather an inevitable future economic downturn. Financial stability is especially critical in light of Congress’s proposed tax reform plan, which would create tax breaks and loopholes for corporations and wealthy individuals, while everyday Californians are forced to pick up the costs with increased taxes and cuts to federal programs.
Last month, the Legislative Analyst’s Office projected that California will have a surplus of $7.5 billion in discretionary reserves for 2018-19. Now is the time for the state to make smart progressive investments and continue robust oversight of existing programs by:
- Increasing the state’s Earned Income Tax Credit to support more working families;
- Expanding Medi-Cal access to cover all uninsured Californians;
- Making early education available to all four-year olds and improving access to after school programs;
- Including more students in the Middle Class Scholarship program so everyone can graduate without debt;
- Getting more zero emission vehicles on the road and increasing adoption amongst all communities;
- Reducing crime by ending prison overcrowding and improving recidivism services; and,
- Ensuring our investment in fighting climate change is effective in reducing pollution.
Further information about Ting’s Blueprint for a Responsible Budget is available here: 2018 Budget Blueprint.pdf
Contact: Jessica Duong, (916) 319-2019