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D.C. Chief Financial Officer Jeffrey DeWitt just warned that #coronavirus inspired restaurant layoffs means D.C. could soon see its unemployment rate spike from about 4.9% to 15-20% (!)
DeWitt also estimates that D.C. would need to cut about $500 million worth of spending if the #coronavirus situation continues through June. However he did stress that the city is “in the best financial shape of our history” to confront this.
It’s time to tap that full rainy day fund.
Those are scary numbers.
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