Gavin Newsom to Fight Inflation by Spending Another $18.1 Billion

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California Governor Gavin Newsom (D) is proposing to fight inflation by spending an additional $18.1 billion from the state’s budget surplus, adding money to the economy at a time when there are “too many dollars chasing too few goods.”

In a plan unveiled Thursday, Newsom’s office released several spending proposals to help Californians with high prices. Many of these are simply redistributive policies that spread money among key Democratic political constituencies, such as nursing staff:

In addition, Newsom announced that California’s statewide minimum wage of $15 per hour will rise automatically to $15.50 after an inflation provision in the state’s minimum wage law was triggered for the first time since its passage six years ago.

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