i do not want to make those istakes again. the next recession will cut our revenues by $55 billion over three years. that is why it is imperative to build up the rainy day fund, which was just recently approved by the voters and invest our temporary surpluses into badly needed infrastructure. or in other ways that will not lock in future spending. let us also be realistic of our current tax system. california is a very progressive, but volatile income tax that provides 70% of general fund revenues. if we were to minimize the zig-zag of spend, cut,spend, we must build a very large reserve. we also know that inequality has risen sharply in recent decades. we have seen the disappearance of many lower-class dobbs and the growing share of income taken by the top 1%. even more so by the top 0.1% this contrast sharply with the virtual stagnation in the -- the average worker pays 360 times. such inequality is reinforced by a national, regulatory, and tax policies and driven by globalization and relentless influx of cheaper goods at ou

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