California Faces Staggering $54 Billion Budget Deficit Due to COVID-19




California will have a budget shortfall of $54.3 billion because of the economic devastation wrought by the coronavirus, Gov. Gavin Newsom’s administration announced Thursday, a stunning reversal for a state that had a $21 billion surplus a year ago.

The state has been under a mandatory stay-at-home order since mid-March, forcing nonessential businesses to close and prompting more than 4 million Californians to file for unemployment benefits. After recording record low unemployment of 3.9% at the start of the year, the Newsom administration now predicts a jobless rate of 18% for the nation’s most populous state — 46% higher than the height of the Great Recession a decade ago.

Newsom hinted at the bleak numbers on Wednesday when he called the unemployment figures “Depression-era numbers.”

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Related- How will this affect the upcoming election for California to takeover the Bail Industry at great expense?

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