How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
https://lao.ca.gov/LAOEconTax/article/Detail/852

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - Moreover, investors have been aggressive in taking on high levels of margin debt (borrowing to buy stocks), which has reached approximately three times the historical norm. These and other indicators are at levels previously only seen at times when the market was approaching a peak before entering a period of retrenchment.
https://lao.ca.gov/Publications/Report/5104

Building Reserves to Prepare for a Recession

Mar 7, 2018 - By most measures, the recession of the early 1990s was more severe than the dot ‑com bust in the early 2000s. For example, unemployment in California reached 9. 7  p ercent in mid ‑ to late ‑1992, but peaked at 6. 9  p ercent after the dot ‑com bust.
https://lao.ca.gov/Publications/Report/3769

^[PDF] Building Reserves to Prepare for a Recession

The figure below shows revenue losses over the past three recessions—which have totaled in the tens of billions of dollars over multiyear periods. The Great Recession was the most severe. However, even the dot-com bust in the early 2000s, which in economic terms was more moderate, led to over $80 billion in losses.
https://lao.ca.gov/reports/2018/3769/prepare-for-recession-030718.pdf

Home Price Update: October 2021 [EconTax Blog]

Nov 18, 2021 - High materials prices, low interest rates that make monthly mortgage payments more affordable (all else equal), low inventory levels, and possibly the pandemic-driven shift to remote work have contributed to the price increases.
https://lao.ca.gov/LAOEconTax/Article/Detail/714

Home Prices Update: September 2021 [EconTax Blog]

Oct 20, 2021 - High materials prices, low interest rates that make monthly mortgage payments more affordable (all else equal), low inventory levels, and possibly the pandemic-driven shift to remote work have contributed to the price increases.
https://lao.ca.gov/LAOEconTax/Article/Detail/706

^[PDF] California Redistricting Commission Amendment, Amendment No. 2-S

The measure requires the Legislature to appropriate funds necessary for the com- mission to carry out its responsibilities, as well as compensation and expense reim- bursement for members of the commission.
https://lao.ca.gov/ballot/1999/991002_INT.pdf

^[PDF] Economic and Budget Developments

The plan: {1) includes major Increases in funding for K-12 education, (2) sus- pends the renters' tax credit for one year, and (3) extends or makes permanent past tempo- rary grant reductions in the state's welfare pro- grams (but does not include any new cuts to welfare grant levels).
https://lao.ca.gov/reports/1996/update_california_7-1996.pdf

^[PDF] The Master Plan at 50: Connecting Financing With Statewide Goals for Higher Education

It also speaks for the need to coordinate these efforts from a statewide level, to ensure the continued 3L E G I S L A T I V E A N A L Y S T ’ S O F F I C E April 7, 2010 integration of the overall higher education systems.
https://lao.ca.gov/handouts/education/2010/sb_testimony_mp50_040710.pdf