The cost of economic shutdown: CA goes from $21B surplus to $53.4B budget shortfall

by DCG

Taxpayers (whether local or federal) are going to have to cough up more money due to bureaucrats across the country completely shutting down economies.

My state announced yesterday that revenue collection for the month of April fell by $502.5 million. You know almost every local and state agency will be facing drastic shortages. But remember: #WeAreAllInThisTogether.

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KTLA reports that Gov. Newsom announced that California will have a budget shortfall of $53.4 billion due to shutting down their state in late March. Just last year, they (supposedly) had a budget surplus of $21 billion.

Also, more than 4 million people have filed for unemployment in California as a result of the Wuhan virus shutdown.

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You know the pain is going to come for taxpayer$: “Phil Ting, chairman of the budget committee in the state Assembly, said he doesn’t think the state can cut enough spending to fill the budget hole and “may have to look at some additional revenue.”

Read the whole story here.

DCG