Posted on 03/17/2010 7:05:55 AM PDT by TigerLikesRooster
Experts: Wave of Layoffs to Hit Cash Strapped States, Cities
Tuesday, March 16, 2010 01:37 PM
By: Dan Weil
The budget woes of state and local governments will force them to slash workers and hike taxes, experts say.
State and local government payrolls react more slowly to recessions than the private sector, because government budgets are set a year in advance.
So public sector layoffs are just starting to arise.
/snip
State and local governments also will need to raise taxes to make up for lost revenue.
Another problem for state and local governments is the need to generate money for their employees’ pensions. They’re trying to do that by taking more risk in financial markets.
“In effect, they’re going to Las Vegas,” Frederick Rowe, former chairman of the Texas Pension Review Board, told The New York Times.
(Excerpt) Read more at moneynews.com ...
This is the most serious problem which eclipse all other troubles in local governments.
P!
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more forclosures...what about jobs obama?????
right.
liberal-progressive-union-trial lawyer
created problems.
Pelosi: Where Are the Jobs, Mr. President?
August 1, 2003
Washington, D.C. — House Democratic Leader Nancy Pelosi released the following statement today on the Bureau of Labor Statistics’ announcement that 470,000 people abandoned their job searches in July and that 3.2 million private sector jobs have been lost since President Bush took office:
“The fact is that President Bush’s misguided economic policies have failed to create jobs. Since President Bush took office, the country has lost 3.2 million jobs, the worst record since President Hoover. And today we learned that in July nearly half a million people gave up looking for a job.
“Job losses are taking a real toll on the financial security of American families. While Democrats are fighting for opportunity, jobs, and economic security for working families, Republicans continue to focus on helping those who need help the least.
“According to today’s survey, while the national unemployment rate dropped slightly, it still stands at a near record high. In addition, the unemployment rate for African Americans was still over 11 percent in July, and the unemployment rate for Hispanics was 8.2 percent in July.
“It is time for President Bush and the Republicans to get to work for all Americans, not just the elite few.”
Makes me all misty-eyed for 4.5% unemployment (which is basically FULL employment!!)
Author Dan Well is an absolute bloomin' idiot. Every company sets its budgets a year in advance. And everybody knows (except Dan Well, it seems) that companies slash those budgets mid-year when the going gets tough. But governments will never do the same because (1) they are all about accreting and keeping power, not serving the people, (2) government will not stand up to unions, and (3) governments do not have to earn their revenue from voluntary exchanges of goods and services, but from taking money from people essentially at the end of a gun.
Your only option? Double down with the exact same idiocy that has a 100% history of failure, and a 100% chance of failure, but with all the resources you can steal.
Why?
Because you're a Democrat dumba$$, and couldn't manage your way out of your mother without a compass and an anatomy chart, let alone understand the dynamics of economics and capitalism.
have they sedated Paul Krugman?
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