Editorial: California was ready for a recession, but nothing could have prepared it for coronavirus (via latimesopinion)
, forecasting that legislators will face a $54-billion budget gap for the current fiscal year and the next one, which starts July 1. That’s about 10 times the size of thethe finance department was predicting when Gov. Gavin Newsom unveiled his budget proposal for fiscal 2020-21.
The good news is that officials and voters spent much of the last decade putting California’s fiscal house in order, shoring it up for the inevitable recession. The state still has its challenges, particularly its unfunded liability for retiree benefits. But no longer must state budgets be approved by a two-thirds vote in the Legislature, ending the minority party’s ability to block or demand ransom for approving responsible fiscal policies. Meanwhile, led by former Gov.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
California Businesses to Open as Early as Friday as State Prepares to Enter Phase 2 of COVID-19 RecoverySelect businesses across California may open as early as Friday as the state prepares to enter phase two of its COVID19 recovery plan.
Read more »
Wendy’s Shares Rebound, But Fast Food And Grocery Shoppers Face Limited Fresh Meat Supply“There is not one person in the meat industry who was not caught off guard.”
Read more »
Is the DMV open during the coronavirus pandemic? Colorado reopens 10 offices, other states could soon followCalifornia plans to open around 25 of its DMV offices this month, while Virginia also announced it is preparing to reopen its facilities with social distancing guidelines and other measures in place.
Read more »
Japan likely slipped into first recession since 2015 as spending collapsed: Reuters pollJapan's economy likely shrank for a second straight quarter in the first three months of this year, a Reuters poll showed, meeting the technical definition of recession as the coronavirus pandemic wiped out consumption and business activity.
Read more »
Bank of England warns the UK economy could contract by 30% in the first half as coronavirus hammers activity | Markets InsiderThe UK economy could shrink by 30% in the first half of the year and suffer its worst recession on record, the Bank of England warned on Thursda...
Read more »