As blog readers will know, we track new weekly California claims for unemployment insurance as an index of the state's labor market and general economic trend. We continue to bang around at levels that look like what we had in the pre-pandemic period, which is a Good Thing. So, while there is lots of room for uncertainty about the future - Ukraine war, inflation, Federal Reserve raising interest rates, national politics - there is nothing at the moment that will upset the governor's budgetary plans, except - of course - the fact that he needs legislative approval.
We noted in a prior blog that the governor is not big on brevity when it comes to his budget proposals, including the recent May Revise.* As predicted, he spoke about everything and anything for a total of 132 minutes. In that sense, too, the New Normal is much like the Old Normal. If you want an abbreviated version of his remarks, we present a modest condensation below:
Or direct to https://www.youtube.com/watch?v=RF9GI1-vap4.
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*http://uclafacultyassociation.blogspot.com/2022/05/the-may-revise-budget-quick-analysis.html and http://uclafacultyassociation.blogspot.com/2022/05/pension-finance.html.
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