Badly Hit California Economy Aims To Reverse Virus 'free Fall'
Muhammad Irfan 2 months ago Fri 29th May 2020 | 09:13 PM
Millions unemployed, world-famous tourist attractions closed, movie sets shuttered and a huge deficit looming: California has been among the states hardest hit by the pandemic economically
Los Angeles, (APP - UrduPoint / Pakistan Point News - 29th May, 2020 ) :Millions unemployed, world-famous tourist attractions closed, movie sets shuttered and a huge deficit looming: California has been among the states hardest hit by the pandemic economically.
But when stay-at-home orders were announced in March, earlier than similar measures elsewhere across the nation, the economy -- heavily dependent on tourism, hospitality and entertainment -- took a sharp nosedive.
As businesses from shops and restaurants to amusement parks such as Disneyland closed, unemployment shot from negligible levels to 24 percent, well above the national rate of 15 percent and closer to the state's Great Depression peak.
That means cuts to school, social, health and infrastructure programs.
"COVID-19 has caused California and economies across the country to confront a steep and unprecedented economic crisis -- facing massive job losses and revenue shortfalls," Governor Gavin Newsom said two weeks ago.