Time will tell if California’s economy enters dire straits, as it did during The Great Recession of 2007-2009. Unlike the short-lived COVID-19 recession that lasted from February to April of 2020, the next recession will undoubtedly last longer and will run deeper.


governors and legislatures. Beginning with Governor Brown, the state has elim- inated most of its prior budgetary debt and significantly reduced its unfunded pension liabilities. Moreover, prior state governments have built and funded rainy day reserves to the tune of $34.6 billion – the constitutional maximum of 10%. Specifically: • $20.9 billion in Proposition 2 Budget Stabilization Account (aka rainy-day fund)


• $9.7 billion in Public School System Stabilization Account


• $900 million in the safety net reserve


• $3.1 billion in operating reserve


Global Recession? Time will tell if California’s economy enters dire straits, as it did during Te Great Recession of 2007-2009. Unlike the short-lived COVID-19 recession that lasted from February to April of 2020, the


next recession will undoubtedly last lon- ger and will run deeper. With the recent banking sector turmoil still haunting us, one thing is for certain: California’s treasury and budget resiliency have never been stronger.


Felipe Fuentes





Cement Masons Locals 500 & 600 signatory contractors are among the highest profile, reputable and successful firms in South- ern California. Our workforce represents the most highly trained and competent craftspeople in the concrete industry. Our relationship together can assist in your company’s value and growth. If that doesn’t convince you, maybe this will. We help level your playing field with:     


Your workforce is trained in:


       


Contact us and we will show you how we have assisted others like you to create growth and value, just like we have been doing for 150 years.


  Local 600 ~ 323-771-0991 ~ www.cementmasons600.org


CALIFORNIA CONSTRUCTOR MAY/JUNE 2023


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