Pandemic and Recession Reshape California Budget  

Jul 01, 2020

Pandemic and Recession Reshape California Budget

 

The human and emotional toll caused by the COVID-19 pandemic cannot be understated. Yet the recession accelerated by the pandemic is contributing to economic and emotional distress as well. While some observers note the May jobs report brought some welcomed news, the national, state, and regional economies are in deep recession, with dire consequences for state and local government budgets. The economic fallout from COVID-19 is expected to result in state budget shortfalls totaling $615 billion for the state fiscal year ending June 30, the new fiscal year beginning July 1, and the subsequent fiscal year, according to the Center on Budget and Policy Priorities. California comprises a significant portion of the states’ shortfall: $54 billion. Continue reading...

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