Q&A: The coronavirus recession could do long-term damage to California’s economy but there’s one glimmer of hope

A lock and Black Lives Matter murals adorn the boarded-up windows of an Oakland business. Although many businesses have closed during the pandemic, experts see hope for recovery. (Ray Chavez/Bay Area News Group) California’s economy once seemed like an unstoppable force nationally and globally thanks to economic powerhouses including Silicon Valley’s technology behemoths, Southern California’s dominant entertainment industry, a booming real estate market and one of the largest agricultural sectors in the world. These days, John Lettieri, CEO of the Economic Innovation Group, has a lot less to be optimistic about with California’s economy. His Washington D.C.-based organization was founded by billionaire Sean Parker of Napster and Facebook fame to research and work on public policy issues around entrepreneurship, economic mobility and the struggles of those left behind by the U.S. economy. We spoke with him about the strengths and weaknesses of the California economy, which has gone from global darling to having one of the highest unemployment rates in the nation. This interview has been lightly edited for length and clarity. Q: What are some of the strengths you see in California’s economy that might protect it from this downturn? John Lettieri, president and CEO of the Washington, […]

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