The 2026-27 Budget: Proposition 98 Guarantee and K-12 Spending Plan

Feb 4, 2026 - For example, the ratio of stock prices to corporate earnings (a measure of how expensive stocks are) is near historically high levels ( Figure  5 ). Investors are borrowing large sums to buy stocks, and households are more invested in the stock market than at any time in at least 70 years.
https://lao.ca.gov/Publications/Report/5110