California Doom: Staggering $54 Billion Budget Deficit Looms

[SZonian]

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.”

“These numbers are jaw dropping,” Newsom said. “I just hope that people are preparing themselves ... for the effort that we all need to engage together to undertake to unwind that and get back on our feet.”

[excerpted]
https://www.nbclosangeles.com/news/national-international/california-doom-staggering-54-billion-budget-deficit-looms/2358680/

In other words, the guv is saying "Get ready to open those wallets, 'cause we're coming for more in taxes."

[GtHawk]

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.”

“These numbers are jaw dropping,” Newsom said. “I just hope that people are preparing themselves ... for the effort that we all need to engage together to undertake to unwind that and get back on our feet.”

[excerpted]
https://www.nbclosangeles.com/news/national-international/california-doom-staggering-54-billion-budget-deficit-looms/2358680/

It's always the democrat way, give away any surplus(in good years) to illegals, social engineering programs and liberal special interest groups. They steal from other funds like the latest gas tax the morons voted for but worst of all no matter how bad things get we are still buried under the burden of CALPERS.