B.C. government set to provide financial update on impact of coronavirus

[Sheba]

At least we're not alone in this. Is it time for some sort of global reset?

The B.C. government will provide a financial update on July 14 as the province grapples with the economic impact of the COVID-19 crisis.

Finance Minister Carole James told reporters on Monday the province wants to wait until July to give an update in order to get another month of job and financial numbers.

“There is no question COVID-19 has had a huge impact on the budget and a huge impact on the economy in British Columbia,” James said. “There is no question we have been hit in every sector.”

The provincial budget tabled in February projected a surplus of $227 million in 2020-21, $179 million in 2021-22 and $374 million in 2022-23.

Those surpluses have been wiped out by the COVID-19 pandemic with no clear picture of how badly the province’s bottom line has been impacted.

The province has earmarked $5 billion for COVID-19 relief, including $1.5 billion for economic recovery.

Government ministers will still be expected to provide budget estimates as part of the new-look B.C. legislature.

...

“As the shutdown is lifted, employment will rebound significantly,” BCBC Chief Economist and Vice President Ken Peacock said.

“But the process will be uneven and slow. Many businesses will not reopen, while others will pivot toward digital business models with more automation, and we expect that tens of thousands of jobs will be permanently lost. The recovery will be furthered hampered by partial reopenings, physical distancing rules that reduce demand and raise operating costs, and probable changes in consumer preferences and behaviour.”

...

Global News

[nds88]

Originally Posted by Sheba

At least we're not alone in this. Is it time for some sort of global reset?

The reset is in process. Money printer goes Brrrrrrrrr!!!

Zero interest rates will help reduce a massive pain today, but will have massive repercussions this decade. Similar to early 2010 zero rates resulting in massive increases in stock and real estate prices in the mid to late 2010s. I predict the same will happen during the 2020s, but to an even larger scale than the 2010s.

Those that own stock and real estate will eventually reap massive rewards in the long term. People that own big business will also benefit, since the Fed is basically buying any junk bond, resulting in massive debt being taken on at zero interest to fund things.

The BoC and J-Pow have basically said they will not raise rates for several years. It's unfortunate, but those that don't own anything now, or isn't in the position to buy any assets in the next 1-2 years, will be left behind. The middle class that owns property and above will probably do well. The middle class that rent and below, will probably get hammered. The increasing divide will be the cause of next major social unrest imo. What we see now will be nothing.

[scryer]

Originally Posted by Sheba

At least we're not alone in this. Is it time for some sort of global reset?

Global News

Get ready to feel the hurt, folks.

[WarrenC12]

Rich getting richer!