Free fall. That’s how people are describing California’s economy as the coronavirus ravages on.
Virtually overnight, one in five Californian’s became – and unfortunately remain – unemployed. In Los Angeles, the unemployment rate is tracking with the peak of the Great Depression. In other parts of the state, the jobless rate is projected to climb as high as 40%. As former Gov. Gray Davis said about today’s challenges, “There’s no playbook. There’s no precedent.”