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COMMENTARY: Gov. Newsom to Present 2026 Budget: What Black Californians Should Watch     

The proposed $322.2 billion budget, including $228.9 billion in general fund spending, addresses a $2 billion deficit that Newsom is required to balance under state law. The Legislative Analyst’s Office (LAO) notes that while $16.5 billion in additional revenue from a strong economy, stock market gains, and higher tax receipts provide flexibility, long-term structural challenges persist. Spending growth, projected at 5.8% annually, continues to outpace revenue growth of 4%, with deficits potentially reaching $30 billion by 2028-29 without adjustments.

Published

1 year ago

January 11, 2025

Oakland Post

iStock.

By Joe W. Bowers Jr., California Black Media 

On Jan 10, Gov. Gavin Newsom will present his 2026 budget to the Legislature.

On Jan. 6, he previewed budget highlights while receiving the North San Joaquin Valley’s regional economic plan, a part of California’s broader Jobs First Economic Blueprint aimed at driving local and statewide development.

Newsom plans to save $1.2 billion over two years by eliminating 6,500 state jobs and cutting $3.5 billion through operational efficiencies like reduced travel and IT modernizations. Despite these measures, Newsom assured there will be no cuts to core programs. Temporary revenue boosts, including $7 billion from stock market-linked income taxes, offer short-term relief but are not sustainable, making California’s $17 billion rainy-day fund a critical tool for managing future fiscal pressures.

This budget will incorporate strategies discussed during a recent special legislative session convened to prepare for potential conflicts with the incoming Trump administration and to safeguard critical state programs against federal interference or defunding.

During the Dec. 2 special legislative session, lawmakers introduced SBX-1, authored by Sen. Scott Wiener (D-San Francisco), which allocates $25 million to the California Department of Justice to cover litigation costs for defending state policies against federal challenges.

The budget continues investments in education, healthcare, housing, and economic growth.

In the 2025-26 budget, Proposition 98 funding for K-12 schools and community colleges increases by $1.5 billion, reaching $116.8 billion, with per-pupil spending rising to a record $23,723. Of this amount, $2.8 billion will be available for new commitments, reflecting forecasts for growth and a 2.46% statutory cost-of-living adjustment. Initiatives such as Universal Transitional Kindergarten, expanded after-school and summer programs, and Universal School Meals are expected to strengthen educational outcomes.

Despite this funding boost, inequities persist in educational outcomes for Black students. Discretionary funds could support programs aimed at addressing these disparities, including investments in teacher training, mental health services, and restorative justice initiatives.

California’s higher education system is expected to benefit from increased funding to support affordability and access across its community colleges, California State University, and University of California systems. The budget will likely emphasize financial aid expansion, enrollment growth for underserved groups, and infrastructure improvements, while aligning educational programs with workforce needs to ensure graduates are prepared to fill existing gaps in the job market.

California’s housing crisis continues to disproportionately affect Black residents. Although Black Californians make up nearly 6% of the state’s population, they represent roughly 50% of its unsheltered homeless population. As of 2024, California’s homeless population exceeded 180,000, reflecting a 31% increase since 2007.

The California Legislative Black Caucus (CLBC) is anticipated to play an active role in budget negotiations. Historically, the caucus has championed policies that address disparities in education, housing, and healthcare impacting Black Californians.

The active involvement of stakeholders, including the CLBC, will be pivotal in shaping the state’s response to critical issues impacting Black Californians.

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Oakland Post: Week of March 18 – 24, 2026

The printed Weekly Edition of the Oakland Post: Week of March 18 – 24, 2026

Published

2 weeks ago

March 22, 2026

Oakland Post

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

Published

3 weeks ago

March 17, 2026

Oakland Post

Sponsored by JPMorganChase

As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC