The scope of the forthcoming recession caused by COVID-19 is jarring: More than 1 in 5 working people in Florida have filed for unemployment. Our state is overly reliant on the sales tax, and since tourism, which makes up 13% of sales tax revenue, has plummeted, our major revenue source has taken a hit.
Moody’s estimates that Florida’s total budget shortfall could exceed $8 billion. That’s roughly 8.6% of the budget approved by the state Legislature for the upcoming fiscal year. And all of us, including central Florida residents, will feel the effects of the economic downturn.
To help mitigate Florida’s budget woes and ensure that crucial public services are protected, we recommend halting the massive toll-roads project that lawmakers fast-tracked in 2019.