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

The 2024-25 Budget: Transportation Budget Solutions

Feb 23, 2024 - Specifically, it could reconsider providing the $2  billion in General Fund originally planned for 2024 ‑25. This could entail reducing rather than delaying the $1  billion the Governor proposes providing in 2025 ‑26 instead of 2024 ‑25, and additionally reducing the $1  billion the Governor proposes to retain in the budget year.
https://lao.ca.gov/Publications/Report/4854

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

Jan 20, 2026 - File N o. 25-0033). Background AI and AI Companies. AI refers broadly to technologies that enable computer systems to perform tasks that typically require human intelligence, such as generating content, identifying patterns, or mak ing predictions from data.
https://lao.ca.gov/BallotAnalysis/Initiative/2025-033

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

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 2026-27 Budget: California Student Aid Commission

Feb 17, 2026 - Across all MCS recipients, the average MCS award in 2024‑25 was $3,673—50 percent higher than in 2021‑22. In 2024‑25, the average MCS award for CSU students was 70 percent higher than it had been under the original program.
https://lao.ca.gov/Publications/Report/5127

The 2026-27 Budget: California Community Colleges

Mar 5, 2026 - The associated ongoing cost is built into apportionments in 2026 ‑27. c Related and supplemental instruction costs for apprenticeship programs in 2024 ‑25 and 2025 ‑26 are higher than budgeted. COLA = cost ‑of ‑living adjustment.
https://lao.ca.gov/Publications/Report/5150

The 2026-27 Budget: University of California

Feb 26, 2026 - For the last ten years, the UC employer contribution rate has increased gradually, from 14.6  percent of payroll in 2015 ‑16 to 16.71  percent in 2024 ‑25. As Figure  9 shows, annual program costs have steadily grown over this period, reaching more than $665  million in 2024 ‑25 (growing at an average annual rate of 5.2  percent over this period).
https://lao.ca.gov/Publications/Report/5143

The 2026-27 Budget: California State University

Feb 24, 2026 - Of the $879  million spent on financial aid in 2024 ‑25, 85  percent was for SUG. From 2019 ‑20 to 2024 ‑25, spending for institutional financial aid increased by $118  million (15  percent), largely as a result of tuition increases.
https://lao.ca.gov/Publications/Report/5142