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 - After the dot-com bust and the Great Recession, it took four and five years, respectively, for revenues to recover. Incorporating revenue risk into the budget now, therefore, reflects prudence, not pessimism.
https://lao.ca.gov/Publications/Report/5104

The 2021-22 Budget: Labor Agreements Ending Personal Leave Program 2020

Jun 25, 2021 - Elimination of Minimum Wage Pay Differential (PD 443). The current agreement established PD 443 to ensure that PLP 2020 did not reduce any affected employee ’s hourly wage below $15 per hour. With PLP 2020 ending, the proposed agreement specifies that Local 1000 members no longer would be eligible for the pay differential.
https://lao.ca.gov/Publications/Report/4446

The 2023-24 Budget: Initial Comments on the Governor's May Revision

May 15, 2023 - For  example, the Governor proposes $443  million to provide 5  percent base General Fund increases for the universities, which we do not include in the forthcoming Appendix on discretionary spending.
https://lao.ca.gov/Publications/Report/4769

The 2023-24 Budget: Overview of the Spending Plan (Final Version)

Oct 16, 2023 - The 2023 ‑24 budget includes a total of $443  million to provide 5  percent unrestricted General Fund base augmentations to the University of California (UC) and the California State University (CSU).
https://lao.ca.gov/Publications/Report/4788

Oversight of certain public benefit artificial intelligence (AI) companies. [Ballot]

Jan 20, 2026 - The measure would have the following major fiscal effects: Increased state costs that would likely be in the tens of millions of dollars annually to establish and operate a new regulatory commission overseeing certain public benefit AI com panies.
https://lao.ca.gov/BallotAnalysis/Initiative/2025-033

The 2023-24 California Spending Plan: Health

Oct 23, 2023 - Under the spending plan, General Fund spending for the Department of State Hospitals (DSH) will be $3.3  billion in 2023-24, an increase of $443  million, or about 16  percent, from the revised 2022-23 expenditure estimate.
https://lao.ca.gov/Publications/Report/4810

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - For California, the dot ‑com era —when stocks rose and then fell precipitously in response to widespread adoption of the internet —offers the most salient example. The internet has proven to be a transformative technology and, yet, the stock market ’s initial reaction was clearly overly exuberant.
https://lao.ca.gov/Publications/Report/5091

Home Price Update: October 2021 [EconTax Blog]

Nov 18, 2021 - Previous recessions have had disparate effects on home prices: they were largely unaffected by the collapse of the dot-com bubble in 2001, while in the late 2000s the collapse of the housing bubble was the single biggest factor that led to the financial crisis.
https://lao.ca.gov/LAOEconTax/Article/Detail/714