JEFFERSON CITY, Mo. — With the ongoing closure of businesses nationwide, some economists believe the United States will sink into a painful recession.
Revenue has collapsed at places like restaurants, hotels, and airlines.
But it will also affect Missouri’s budget.
According to mobudget.org, the state could lose billions in revenue after this pandemic.
The non-profit projects, if this recession is similar to the 2008 crash or 9/11, almost $3 billion would be lost over 2 years.
And to make matters worse, Missourians will likely need a large safety net with increases to government healthcare and food assistance.
So what can we do?
The organization is calling on lawmakers to approve something called the “Wayfair Fix.”
This would allow Missouri to collect sales tax for online purchases plus expand Medicaid.
But instead of just spending more money, adjust more people on state coverage to federal coverage.
Mobudget argues this would save money in the long run.