Coronavirus Recession: Former Presidential Hopeful Tom Steyer To Lead California Economic Recovery Task Force
SACRAMENTO (CBS13) — California is now in a recession due to coronavirus crisis, Gov. Gavin Newsom said on Friday.
"Today, I stand in front of you sober by the reality of the last few weeks," Newsom said at his daily press briefing. "We are now in a pandemic-induced recession."
To try and guide the state back, Newsom also announced on Friday that he has formed an economic recovery advisory group.
The group is comprised of California's four living former governors and is being led by billionaire Tom Steyer - who is fresh off of an unsuccessful run for the Democratic Party presidential nominee.
Steyer said the task force would focus particularly on those hardest hit by the pandemic.
California's strength lies in its diversity, inclusivity, and innovation. Our response needs to reflect and protect that. We know under-resourced communities have been hit hardest by this crisis—I'm committed to working alongside Gavin to put them front and center in this effort.
— Tom Steyer (@TomSteyer) April 17, 2020
"We will bring together Californians from the public and private sector - and from communities across our state," Steyer said.
Dozens of other notable business and labor leaders are part of the panel, including Apple's Tim Cook, Disney's Robert Iger and International Longshore Work Union President Willie Adams.
Newsom stressed that California was not out of the woods yet with the coronavirus and that
"We need to apply, deeply apply, the stay at home orders," Newsom said. "We are not out of the woods."
Newsom cited numbers showing that 3.1 million Californians had applied for unemployment insurance over the past few weeks and months.
The Employment Development Department also released new numbers on Friday that painted a bleak picture of the aftermath of the coronavirus pandemic. With California losing nearly 100,000 jobs in March, the state's record 10-year streak of job growth has come to an end.