California Braces for $32B Budget Shortfall and Possible Recession as Tech Industry Struggles
• California facing $32B budget deficit, flat tax revenue, job losses • Tech industry shedding high-wage jobs, slowing IPOs hurting revenues • Unemployment debt nearing $20B; interest costs could hit $3B-$7B • Population decline continued in 2023, may rebound slightly in 2024 • Recession likely in 2024 if broader economic downturn hits U.S.