Will Waste, Fraud and Over-Spending Drown California?

In just a few years, California went from a $100 billion budget surplus to a $30 billion structural deficit. How does the world’s fourth-largest economy wipe out that much cash so quickly? In this mini-episode State of Gold takes a hard look at CA’s out of control "spending spree" as well as the rampant waste and fraud plaguing Sacramento.Noted experts break down the "regressive" nature of California’s current path, where middle-class residents are squeezed by electricity and gas prices while state government spending doubles over the past decade. Wipeout reveals the "perverse financial incentives" that allow social problems to grow, and fail, despite record spending.Chapters 00:00 – The $100 Billion Wipeout: From Surplus to Deficit00:08 – The Real Math: 60% Revenue Growth vs. 72% Spending Growth00:16 – Fraud Exported: $30 Billion Sent to Scammers00:34 – The 2022 Surplus vs. Today’s Structural Deficit00:52 – Boiling the Frog: Expanding Government Beyond Inflation01:11 – Twice the Spending, Half the Quality: The 10-Year Decline01:19 – Misaligned Priorities: School Renaming & Zoom Classrooms01:31 – Education Failure: Bottom Quintile Results Despite Billions Spent01:51 – Fraud Everywhere: From Special Districts to Wildfires02:00 – The Audit Gap: Why Lawmakers Ignore Solutions02:30 – Siphoning Funds: Interest Groups and Spending Decisions02:47 – Breaking the Basics: Failing to Deliver on Record Budgets02:58 – The Tax Loop: Solvency vs. Accountability03:15 – Next Week: The Existential Threat of the Billionaire TaxEnjoyed the episode? Subscribe to our podcast, leave a review on Apple Podcasts or Spotify and join the conversation on Instagram and LinkedIn with the hashtag #stateofgoldpodcastConnect with State of GoldX: https://x.com/realjonslavetLinked In: https://www.linkedin.com/company/stateofgold/aboutInstagram: https://www.instagram.com/stateofgoldpodcast/?hl=enWebsite: www.stateofgold.com