Connect with us

Top News

Coronavirus triggers California’s worst budget deficit



Coronavirus triggers California's worst budget deficit

The California government faces a $ 54.3 billion budget deficit until next summer, according to an analysis released Thursday by Governor Gavin Newsom’s advisers, marking the largest projected fiscal hole in the country’s history and increasing the likelihood of cutting deep spending or substantial new tax revenues to produce the difference.

This estimate explains the rapid erosion of tax revenues and the increasing need for health programs and human services. While measuring the gap between income and expenditure based on projections made by Newsom in January rather than existing funds, the valuation still reflects the country’s record-breaking economic collapse, created in just a few weeks by the fast-moving COVID. Pandemic.

“This is a global pandemic,” Newsom said. “And no economy in the whole world has been substantially, at least, immune.”

The Newsom budget team estimates a decline in tax revenues of $ 41.2 billion compared to their estimates only from four months ago. Most of that – $ 32.2 billion – will occur in the fiscal year that starts in July. This year’s tax revenue, according to the report, is expected to miss $ 9.7 billion, even though most of the state’s budget year has passed when the virus becomes an immediate concern in March.

In total, the projected deficit represents 37% of general funding disbursements approved by lawmakers last year. This shortfall is equivalent to three years of state funding for the University of California and Cal State University systems combined.

“When you look at the numbers, they should get your attention,” Newsom said Wednesday as the midday event provided an update on the coronavirus crisis.
When tax revenues plummet, government spending is projected to skyrocket. The fiscal report released Thursday assumes about $ 13 billion in higher state costs due to the pandemic, with a combined $ 7 billion in higher than expected caseloads for programs such as Medi-Cal, which provides free health care, and CalWorks , state welfare assistance program. A total of $ 6 billion in expenditure was assumed as a result of COVID-19 countries’ responses.

See also  Huawei sees sharp advancement slowdown as United kingdom weighs 5G ban on Chinese big

Democratic legislative leaders tend to ask for more to help citizens who are most in need. Assemblyman Phil Ting (D-San Francisco), chairman of the Assembly’s Budget Committee, said he would support the extension of state-funded unemployment benefits that could last until 2021. The aim, he said, was to keep the Californians from having to depend on various programs other social services.

“Although we will have a short-term budget, it will have far greater budget benefits,” Ting said.

The decision to release initial horrific estimates – Newsom will not present the revised state spending plan to the Legislature for another week – is likely to be driven by a desire to calibrate the hopes of lawmakers and interest groups about what lies ahead.

“This will be some difficult decisions. But we will work smarter and more strategically and recognize the fundamental role of government at a time like this, “said state Senator Holly Mitchell (D-Los Angeles), chairman of the Senate Budget Committee.

Responses by government officials must come quickly. The Legislature will have less than a month to consider and propose changes to the Newsom budget before the constitutional deadline of June 15 to finalize a plan. But for most of the year, the blueprint could require major revisions. Revenue collection will take longer than usual, because millions of California taxpayers take advantage of a 90-day delay in filing income tax returns and paying what is owed.

Therefore, additional budgetary measures may be needed at the end of the summer before the Legislature delays right before Labor Day.

“I think this budget can be a place for conversation that they will discuss later this summer,” said Chris Hoene, executive director of the California Budget and Policy Center, a nonprofit organization that advocates programs to help low-income residents.

The impact on K-12 education funds can be very severe. Schools receive about 40% of the country’s general funding income and, under a complex set of constitutional formulas, can see their minimum funding cuts of more than $ 18 billion based on Newsom’s administrative analysis.

“This is a very scary number,” said Kevin Gordon, a veteran education lobbyist. “The allowable deduction will issue a school budget,” Gordon said.

And that reduction could occur because state officials are asking schools to do more to help children, especially those from low-income families, when it comes to distance learning and providing food.

In January, with the economy still developing, Newsom proposed a $ 222.2 billion budget plan that projects upticks in spending on K-12 schools and health care programs. But the plan, introduced less than eight weeks before the governor declared a state of emergency to combat the corona virus, assumed a steady growth in personal income of 4% a year and continued low unemployment.

See also  Amy McGrath defeated Charles Booker in Kentucky primary

Those hopes have vanished. The state has processed more than 4.2 million jobless claims since mid-March, almost equivalent to all jobs in Los Angeles County. The Newsom administration estimates that nearly 478,000 jobless claims have been filed in just the past week. The state received approval this week for a $ 8 billion loan from the federal government to cover the increase in benefit costs.

The role of the federal government in sustaining California’s finances and dozens of other states looks great. House Speaker Nancy Pelosi (D-San Francisco) and other congressional Democrats have suggested subsidies to state and local governments of as much as $ 1 trillion. Meanwhile, many of California’s direct coronavirus costs can be reimbursed by the Federal Emergency Management Agency.

On Thursday, Newsom said additional assistance to local and state governments was essential to provide the funds needed for emergency workers which became increasingly vital as the pandemic continued.

“We must recognize that this moment requires a historic partnership effort, not only between the governor and the legislature, but between the state and our federal government,” he said on Thursday.

The projected $ 54.3 billion deficit is the largest estimate since the $ 40 billion deficit was predicted by the government at that time. Arnold Schwarzenegger during the Great Recession in January 2009. In 2011, at that time -Government. Jerry Brown said the country looked at the 27 billion dollar fiscal hole. Newsom’s analysis noted that the projected deficit in the past was not only smaller in total dollars, but also a smaller percentage of public funds than what MPs faced this year.

Sharp increases in employment and tax revenues erased red ink in the past, with some money set aside in cash reserves. California voters increased the maximum deposit amount in the state’s “rainy day” fund in 2014.

The efforts of state lawmakers, led by Newsom and Brown, to put cash into the reserve fund can help soften the blow. The Office of the Independent Legislative Analyst estimated last month that total state cash reserves were around $ 17.5 billion – money that could provide protection, but only under a string of stringent conditions.

However, the state has other resources that can be used – including billions of dollars in special funds and other accounts that can be accessed temporarily – that California leaders did not have in the previous recession.

“They are not in a good position, because of previous fiscal management, to overcome the deficit,” Newsom said in comparing the past fiscal crisis with this one. “And I think this is a long way to say this, we will get through this.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Top News

The beginning of Part 1 will arrive in Portuguese in MANGA Plus – JBox



Imagem: O próprio Chainsaw Man.

past too it’s a spade! From July 13 first 3 chapters from the first part Chainsaw will be available from translation into Portuguese No MANGAPlusfree app to read manga from Shueisha.

Apparently, not all 97 chapters of this first phase will be available, but only these first 3. The series will also not be split into two parts on the website/app. Even if it is a new phase, it will be published as usual. on the page of the man with the chainsawso the first chapter of part 2 will be #98.

Translation and editing work done comediansalso responsible for other platform projects with pt-br version (cases One piece, spy x family, Tokyo Ghoul Re e Jiu-Jitsu Kaisen). The information came from a project manager for a company in Brazil.

Unfortunately, the series is not among those that can be read completely free in english app — so even with the most recent readings, fans will have to resort to printed versions or alternative means to learn about the entire series. MANGA Plus does not allow, at least for now, subscriptions for fans in Brazil.

It is worth remembering that the second part of the manga, which will begin July 13, will also be available in Portuguese. Until the long-awaited sequel, Tatsuki Fujimoto launched one-shots on the Shueisha platform look back e Goodbye Eriin addition to working with mangaka Toda Oto (To take off the flash).

Story Chainsaw approaches Denji, a poor man capable of anything for money, even hunting demons with his dog, Honor. He is an ordinary boy mired in debt, but one day everything changes when he is betrayed by a man he trusted. Now possessing demonic powers, Denji becomes the Chainsaw Man (“The Chainsaw Man”).

See also  ″ We have some of the best in the world ″

Fujimoto first part in Shonen jump from 2018 to December 2020, 11 volumes have been compiled to date. OUR Panini publishes manga in Brazil – check out our review first volume.

The work will be adapted into anime by the MAPPA studio and will have watching and duplicating Crunchyroll.

Source: Robert Rodriguez

Continue Reading

Top News

Portuguese missionary denounces ‘daily persecution and massacre’ in Congo



Portuguese missionary denounces 'daily persecution and massacre' in Congo

“There are persecutions and massacres every day” in the Democratic Republic of the Congo (DRC), and the international community turns a blind eye to this, says Father Marcelo de Oliveira, a Portuguese missionary in the African country.

The chief administrator of Komboni Province Missionaries in the Democratic Republic of the Congo speaks in an interview Renaissancethat attacks are permanent in an area of ​​the country where “cobalt is a source of wealth.”

“There are persecutions and massacres every day, there are people who are tortured, people who are forced to leave their homes and forced to flee,” condemns a priest who has lived in the Democratic Republic of the Congo for 15 years.

The eastern provinces of the DRC, notably North Kivu and neighboring Ituri, have “lived for decades in a state of constant instability due to the presence of various armed groups.

Born in Mortagua, Viseu district, the missionary says that in the Congo “no one escapes persecution.” “Catholics, Protestants and sects are treated equally”, given that “the religious question does not affect the situation at all”.

The priest says that “the Church is being persecuted, but to be a Christian means to be persecuted.” “The Catholic Church, which has great weight in public life, which has a large number of Catholics, which, by vocation, denounces, tells the truth and strives to defend the rights of the people, of course, is not appreciated by the simple,” he emphasizes.

The world “crossed its arms” on the problems in Africa

The priest admits that the President of the Democratic Republic of the Congo, Felix Tshisekedi, is ready to fight corruption, but says that, on the one hand, the government is involved in the situation, and on the other hand, it is powerless to resolve it.

See also  CNN and MSNBC ignore Trump's major peace deal between Israel and Bahrain at prime time

“The complicity is there to keep getting what they get from the stuff they sell and ship out of the country anyway,” he explains.

On the other hand, Marcelo’s father accuses the international community of doing nothing for the suffering people of the Congo and trying to “keep capitalizing on the wealth of the country” by sending “weapons to be able to keep up the unrest and thus keep on stealing easily” . .

“The Congo is a very rich country, and it is a bit strange that such a rich country is at the same time so poor. There is gold, diamonds, copper, cobalt, soil that could give twice a year, it’s hard to understand,” the missionary laments, and then accuses: “there are interests from outside (the international community) to be able to continue to benefit from everything rich, and so they keep sending weapons to keep the mess going and thus easily keep stealing.”

The missionary ensures that “when there is a problem in Africa, everyone folds their hands” and gives an example of the reluctance to find a cure for malaria, which “kills a huge number of people every day”, and now with Covid-19. 19 pandemic “the whole world plunged into disaster.”

The priest assures that “there are more people who die in Africa from malaria than those who die from Covid”, and rhetorically asks: “Who created a medicine to treat poor Africans? The problem of malaria after all this time?”

Marcelo’s father replies, “No one, it doesn’t matter, it doesn’t matter. Since we cannot profit from what we do, it is not important to make medicine, it is not important to help a country that will not repay us, ”he laments.

See also  Looks like Portuguese star Cristiano Ronaldo wants to compete in the 2026 World Cup

Pope ‘deeply wishes’ to visit Congo

In this interview with RenaissanceFather Marcelo Oliveira assures that “the population still expects that soon” the Pope will visit the Democratic Republic of the Congo.

He believes that “for people living in conditions of constant attacks, persecution, the visit of the Pope would be a moment of encouragement.”

First of all, because Francis planned a visit to the city of Goma in the eastern part of the country, “where he will be with some victims of violence, and, of course, these people may be a little disappointed.”

“However, the population continues to expect that he will be able to come to us soon,” he assures.

The priest confirms that the Pope “deeply desires to be and come” to the Congo to “know the reality” and acknowledges that “the celebration planned for this Sunday with the Congolese community at St. Parolina in Kinshasa “is a sign of such a will.”

“The Pope deeply desires to be and come, because I believe he has heard so much about the reality of the suffering of the Congolese people, and therefore he has a deep desire to be able to come,” he assures.

Francis’ trip to South Sudan and the Congo, scheduled for July 2-7, has been rescheduled for a new date to be fixed due to the Pope’s health.

Continue Reading

Top News

Wabi2b enters the Portuguese market to revolutionize commerce



Wabi2b enters the Portuguese market to revolutionize commerce

BUT Wabi2b, a digital ecosystem that helps digitize and modernize brick-and-mortar commerce, has entered the European market with Portugal. The goal is to “revolutionize traditional retail and the HORECA channel” by allowing distributors and Cash & Carries to sell directly to traditional retailers in Portugal.

The company’s statement explains that the Wabi2b online store allows retailers to access multiple suppliers in the same store, view their entire portfolio of products, compare prices, place all their orders at the same time, and use the platform. exclusive promotions and discounts.


From the supplier’s point of view, Wabi2b gives you the opportunity to choose the geographical area of ​​sales, the cost and minimum cost of delivery, the portfolio of products they represent, prices and deliveries, and the order payment procedure.

According to Wabi2b Portugal CEO Hugo Duarte, “The Wabi2b ecosystem is set to revolutionize traditional trading and business management practices. With this platform, consumer goods companies, suppliers and point of sale will connect for the first time in a single digital environment whose transactions will be carried out, which will reduce costs, waste, increase transparency, facilitate inventory control and better understand the business. performance”.


In this first phase, Wabi2b already has over 1,700 registered stores in Lisbon, and in June it also launched in Porto.


See also  Melbourne will be locked again as coronavirus cases increase
Continue Reading