Newsom’s budget shows big revenue gain, but we’ve been down that path before

When Gov. Gavin Newsom declared today that the state will likely receive an extra $42.3 billion in tax revenue over the next three years, thus alleviating a stubborn budget deficit, the inimitable Yogi Berra’s famous observation came to mind.

“It’s like déjà vu all over again,” Berra quipped in 1961, after watching Mickey Mantle and Roger Maris, the New York Yankees’ star sluggers, hit back-to-back home runs.

Four years ago, as the state’s economy rebounded from a pandemic-caused downturn...