LOUISVILLE, Ky. (WDRB) — A U of L economics professor spoke to members of Louisville Metro Council on Thursday about how the COVID-19 pandemic could impact the city's economy.
During his presentation to council's Budget Committee, Dr. Paul Coomes said he believes we will see another recession.Â
"Anytime there's a national recession, certainly Louisville, our main industries here are going to suffer consequences,"Â Coomes said.Â
"Your revenues are going to drop whatever they're going to drop — 8, 10, 12% — and it will occur not just over one year but over two years," he added.Â
About 158,000 jobs have been lost in Jefferson County due to the precautionary shutdowns, said Coomes, who also discussed what the city could expect to happen with its budget and tax revenues.
The committee also asked the professor questions about possible options to make up for a shortfall, including a tax increase, borrowing money or taking money out of the city's rainy day fund.
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