Californians recently learned of alarming estimates of the state’s budget shortfall as a result of the economic effects of the COVID-19 pandemic.
Gov. Gavin Newsom announced that the state faces a $54 billion budget shortfall for the current and next fiscal years – a 37% decrease from the current state funding level. This stark news comes just ahead of his revised 2020-21 budget proposal.
We can’t ignore how quickly COVID-19 has changed California’s fiscal outlook. Nor can we look away from the high price Californians are paying as they shoulder the economic impact of this crisis.