[Source: Business Insider] It could take the US economy nearly 10 years to recover from fallout stemming from the coronavirus pandemic and lockdowns to curb the spread of disease, the Congressional Budget Office said Monday. The CBO now projects that over the 2020-2030 period, cumulative nominal output will be $15.7 trillion less than it previously Read More…
Tag: coronavirus
CBO projects virus impact could trim GDP by $15.7 trillion
[Source: Associated Press] The Congressional Budget Office said Monday that the U.S. economy could be $15.7 trillion smaller over the next decade than it otherwise would have been if Congress does not mitigate the economic damage from the coronavirus. The CBO, which had already issued a report forecasting a severe economic impact over the next Read More…
Covid-19 cuts deep into LA jobs
[Source: Los Angeles Business Journal] It’s no surprise that L.A.’s economy has been walloped by coronavirus-driven business shutdowns, but the extent of the damage and how much worse L.A. County has fared only became apparent with the release of data for April. The state Employment Development Department reported on May 22 that L.A. County’s April Read More…
U.S. manufacturing activity off 11-year low; construction spending falls
[Source: Reuters] U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the COVID-19 crisis could take years because of high unemployment. The Institute for Supply Management (ISM) said on Monday its index of national Read More…
California’s budget cuts threaten environmental spending
[Source: Associated Press] California Gov. Gavin Newsom’s proposed budget cuts include canceling billions of dollars in climate change spending, a blow to environmental advocates who look to the state as a stopgap for the Trump administration’s weakening of federal protections. In January, Newsom proposed a $12 billion “climate budget” that, over the next five years, Read More…
Coronavirus plunges California into worst budget deficit in state history
[Source: The Los Angeles Times] California’s government faces a $54.3-billion budget deficit through next summer according to an analysis released Thursday by advisors to Gov. Gavin Newsom, the deepest projected fiscal hole in state history. The estimate accounts for both an alarming erosion of tax revenues and a growing need for health and human services Read More…
Governor’s executive order on worker’s comp makes it more difficult to do business in CA
[Source: Fox&Hound] We fully understand why the Governor wants to help Californians impacted by the coronavirus pandemic. But, creating a rebuttable presumption shifts the burden to businesses who are struggling to keep their workers employed while also keeping their doors open. The Governor’s Executive Order opens up employers to significant abuse from employees. What’s to Read More…
Governor’s workers’ compensation order: presume COVID-19 illness arises from the job
[Source: CalChamber] Governor Gavin Newsom yesterday signed an executive order establishing a rebuttable presumption that any COVID-19 related illness of an employee who worked outside the home, not just those who are essential workers, was the result of employment for workers’ compensation purposes if certain requirements are met. The presumption dates back to March 19, Read More…
How the coronavirus is hampering enforcement of California’s air pollution rules
[Source: The Los Angeles Times] The coronavirus is having another unintended effect on California’s environment, hindering the enforcement of clean-air rules that could help protect people’s lungs during the pandemic. Field inspections have been halted since mid-March at the California Air Resources Board, which enforces rules on trucks, ships and other major pollution sources, because Read More…