Billionaire and former presidential candidate Tom Steyer has joined forces with California Gov. Gavin Newsom to lead the state’s recovery task force.
The economic devastation was so harsh, sudden, and unprecedented in California, Steyer told Yahoo Finance, that the task force, which also includes former Federal Reserve Chair Janet Yellen and Walt Disney Executive Chairman Bob Iger, has been forced to “make up the playbook of how to respond to this health crisis.”
While Newsom became the first governor to shut down his state’s economy to combat the surge of coronavirus cases in March, he’s since taken a more nuanced approach to the rise in reported cases in the state over the past 14 days in the hopes of limiting the damage. There have been over 33,000 new coronavirus cases over the past two weeks.
California has a total of 113,852 coronavirus cases as of June 1. Newsom said the state’s unemployment rate, which was at 3.9% earlier this year, could peak at 24.5%.
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Written By: Tommy Lightfoot Garrett
Photographs are Courtesy: AP
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