This was coming from the jump….
As the media and most people kept their focus on the fear OF the virus?
The meter was running on the state and local budgets…
While the Fed’s print the money….
State’s, Cities and counties do NOT….
Mayor Eric Garcetti is following New York City Governor deBlasio in broadcasting his trouble in a pitch for some of the stimulus money big business is getting…
While the virus maybe starting to decline in some places?
The lack of work , and taxes, will be felt by government budgets for a longer time as the country drops deeper into a recession….
This IS going to put MORE pressure on Governor’s and local officials to find a way to send people back to work….
“Don’t bail out banks but leave cities with cuts and collapse,” he said.
Garcetti said Congress should pass a national infrastructure bill to put people back to work. And he called on the federal government to loosen restrictions on emergency funds that prevent the city from using them to replace lost revenue.
The coronavirus outbreak and accompanying economic downturn pose by far the biggest challenge to Garcetti and other city leaders since the 2008 recession. During that crisis, the city’s elected officials responded by imposing furloughs, laying off hundreds of workers and eliminating thousands of jobs.
“Until now, it was the biggest economic blow of our lifetime, and it hurt,” Garcetti said. “But there’s no way to sugarcoat this. This is bigger. It will hurt more.”
Revenue for the coming budget year could be as much as $598 million below projections, depending on how long Angelenos continue staying indoors, according to figures released last week by City Controller Ron Galperin.
Much of the reductions have been caused by the steep drop-off in tourism activity, including a major decline in projected hotel bed taxes, Galperin said. Since stay-at-home orders were issued across the state, unemployment claims have skyrocketed, with workers in the entertainment, hospitality and travel industries hit particularly hard….
I can just hear it now….
Donald Trump saying….
“Wanted you to go back to work’… to the laid off employee’s…
‘Vote for me!’….