Budget and Finance

Does the Secure Choice state-run retirement plan guarantee against taxpayer bailouts?

Arguably the biggest selling point for Secure Choice — the state-run, automatic retirement account measure signed into law last month — is the promise that taxpayers won’t be on the hook in the event of a loss. The law has several

Despite $59.7 million error, key Prop 30 education account gets OK’d in audit

Matt Fleming October 6, 2016

A key provision from a 2012 ballot measure that taxed top incomes to fund education was recently given a clean bill of health by the state controller’s office, just in time for voters to consider a 12-year extension of the program. The

Wells Fargo punishment spreads from CA

James Poulos October 5, 2016

In the wake of California’s unprecedented punishment of San Francisco-based Wells Fargo for bogus lending practices, legal sanctions spread eastward, with other state officials and Hillary Clinton herself going after the bank. Already, in Washington, members of the House Financial

Gov. Brown OKs state-run retirement plan

Matt Fleming September 29, 2016

Starting around 2018, most workers in California will be automatically enrolled in a private retirement account run by the state. Through a legislative measure, signed into law by Gov. Jerry Brown on Thursday, most workers in the state who don’t have access to an

Union battles Caltrans over “inadequate” new office space, $1.7 million partitions

Matt Fleming September 19, 2016

A public employees’ union is questioning Caltrans’ pricey decision to move one of its district offices from one side of Orange County to the other, noting the high cost of new cubicle partitions and the lack of space to accommodate new

Gov. Brown vetoes no-tax-on-tampons bill, host of others

Matt Fleming September 13, 2016

Gov. Jerry Brown vetoed a package of bills on Tuesday that would have eliminated sales tax on tampons and diapers. In total, Brown killed seven niche tax cuts totaling around $300 million in revenue, arguing the tax cuts should be

Legislature approves $50-per-month diaper benefit

Matt Fleming August 30, 2016

Low-income Californians could soon receive a monthly, $50 benefit for diaper purchases, according to a bill approved by the Legislature on Tuesday. The monthly benefit would be given for each child two years old or younger, with a requirement that the

Assembly approves bill establishing state-run retirement accounts for all

Matt Fleming August 25, 2016

A savings-for-all plan passed the Assembly on Thursday that, if signed into law, will automatically enroll many employees into a state-run individual retirement system. Secure Choice, if implemented, would require employers of five or more people to automatically enroll employees

Affordable housing deal appears dead for the year

Matt Fleming August 19, 2016

A deal to spur the construction of low-income housing statewide has apparently fallen apart, according to multiple media reports. Speaker Anthony Rendon, D-Paramount, said talks have died for the year, largely because of Gov. Jerry Brown’s insistence to include provisions that would

Poor cap-and-trade revenues batter bullet train budget

James Poulos May 26, 2016

In yet another blow to California’s besieged bullet train, revenues from this year’s cap-and-trade carbon credit auction fell drastically below the state’s goals, triggering a selloff that left analysts unsure of the system’s long-term viability. “The results of last week’s