California’s Post COVID-19 Financial Catastrophe | PA Pundits – International

https://papundits.wordpress.com/2020/05/04/californias-post-covid-19-financial-catastrophe/

By Ronald Stein ~

Californians will continue to pay some of the highest costs for electricity and fuel use as the State unexpectedly collides catastrophically with the global pandemic that will impact businesses and employment for an unpredictable economic future.

The State’s much-touted $21 billion operating-budget surplus is likely to disappear entirely due to declining tax revenues and rising public welfare costs.

Once the world’s 5th largest economy, tax-paying Californians now must cope with uncertain future bureaucracy-distributed State and local monetary expenditures along with the state’s unfunded pension debt liabilities of one trillion dollars, or almost five times the State’s 220 billion-dollar 2020-21 budget! Newsom’s moral dilemma: “Save Everyone” yet continue the state’s lavish and hyperbolic operations which nowadays must be based on a sudden COVID-19 fundamentally weakened state economy and national economy. Certainly, California seaports, both coastal and inland, will need to endure the effects of an international trade throughput decrease, especially with China.

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