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New rainy day fund — a change long overdue

Gov. Brown on Jan. 9 in the state Capitol as he unveiled his 2015-16 draft budget. Brown's budget includes the newly approved "rainy day fund."(Photo: AP/Rich Pedroncelli)

California’s economy may not be booming, but it is definitely on the mend. The Bay Area is churning out high-tech profits and high-wage jobs. In other parts of the state, unemployment is inching down toward full-employment levels. And as always when California’s economy improves, tax revenues are soaring. With an income tax system highly dependent on the wealthy and their investment income, the state treasury typically sees a windfall whenever times are good.

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