California’s recovery from the coronavirus will take ‘longer than people think,’ Gov. Gavin Newsom says
Gavin Newsom, governor of California, speaks during a news conference in Sacramento, California, on Tuesday, April 14, 2020.
Rich Pedroncelli | AP | Bloomberg via Getty Images
California’s economic rebound from the coronavirus may take longer than people may think as the state struggles with record “Depression-era” unemployment numbers, Gov. Gavin Newsom said on Wednesday.
“It’s going to take longer than I think a lot of people think. It’s going to take a lot longer than people are saying. This is serious, we’ve never experienced anything like this in our lifetime,” Newsom said in response to a question regarding how long it will take for California to rebound from Covid-19.
Newsom said that in January, California had record low unemployment and reserves in its budget. However, the state’s upcoming budget is now facing holes that will fall “tens of billions of dollars” short …continued .
[Source: CNBC News]