https://www.siliconvalley.com/2023/01/12/walters-californias-extremely-volatile-tax-system-strikes-again/

As California’s state budget morphs from a $97.5 billion surplus to a multi-billion-dollar deficit, it’s another reminder about the volatility of the state’s revenue system.

Gov. Gavin Newsom’s penchant for braggadocio was in full flower eight months ago when he declared that California had a $97.5 billion budget surplus and boasted that “no other state in American history has ever experienced a surplus as large as this.”