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Gavin Newsom: “We put $1.9 billion of general fund money to support this…”

Featuring: Gavin Newsom, Democratic | Governor of California

Andrew Yang Has Been Preparing for This AI Moment for Years

Published May 27, 2026 | Video Starts at 09:08

And when the AI wizards develop more innovations, you're somehow getting a tiny, tiny slice of that. We put $1.9 billion of general fund money to support this program. and to use these accounts for ownership, for capital accumulation, focusing on financial literacy, the notion of compounded investments. And so I'm very appreciative of what you're doing. (09:08–09:13)

CLAIM

Asserts that California allocated $1.9 billion to support the baby bonds program.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Gavin Newsom

“I think at the time they scored it, what, $2.83 trillion or something like that?”
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“We're now rolling out, working with our what we created baby bonds years ago, before The Trump accounts, 5.5 million California accounts up…”
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“Elon [Musk] is turning [the factory] over to humanoid robotics to generate half a million to a million units of humanoid robots.”
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“4x higher suicide rates, deaths of despair for young men and boys.”
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“We're going to have the first trillionaires this year.”
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“UBI [Universal Basic Income] has been a bipartisan idea over the course of quite literally decades and decades.”
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“We [California] put out $35 million of general fund to seven large scale UBI projects.”
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“When you were promoting UBI, you were promoting about $1,000.”
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“California put out $35 million of general fund to seven large scale UBI projects.”
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“We just trued it up additional 5 million. So it's 40 million.”
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“We just trued it up additional 5 million. So it's 40 million.”
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“We're going to get the results of all that in an independent analysis of what it produced.”
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“We created baby bonds years ago, before The Trump accounts, 5.5 million California accounts up to $1,500 for all of our kindergarteners.”
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“We put $1.9 billion of general fund money to support this [baby bonds] program.”
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“Full disclosure, Andrew, was modeled after the bill that we passed here in California, SB53.”
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“The bill that we passed here in California, SB53.”
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“It was a large language model LLM, Frontier Safety and Transparency bill, and just the second in the country and one, by the way, broadly…”
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“Trump came in very enthusiastically, sort of ripped off the band aid, rolled back some of the executive order, at least directionally rolled…”
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“There was efforts to undermine our safety and frontier model legislation led by not just members of the Trump administration and Sachs, but…”
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“It was an effort to preempt states from taking that role and responsibility.”
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“A lot of folks out here in Silicon Valley are actually supporting Alex.”
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“I think he's getting more of his money from California than he even is from Manhattan.”
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“WARN act, the WARN act itself, it seems to me it's worn out its usefulness.”
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“Unemployment insurance seems to me to have worn out its benefit.”
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“What about modernizing the Warren act and having early warning systems?”
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“Businesses can't thrive in a world that's failing.”
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“We should be supporting business formation and entrepreneurialism.”
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“Why do we have a tax system, particularly when productivity and wealth are now being rewarded? Robots, technology, automation. Why are we…”
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“The proof point of that certainly manifesting now at scale here in California, in Fremont, the old factory for Tesla where he was doing…”
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“Elon will be on that list after SpaceX/X AI/ Starlink goes public.”
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“It will be interesting to see what happens with Sam's shop and OpenAI and their IPO in just a matter of weeks, months here.”
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“That kind of wealth disparity, that kind of imbalance between the rich and the poor is the oldest, as Plutarch said, and most fatal ailment…”
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