Visit Mish's Global Economic Trend Analysis

Massive Government and Private Sector Job Cuts Coming

Posted on June 28, 2008

CNN Money is reporting State, city layoffs: 45,000 and counting.With falling revenue from sales and income taxes, and property-tax declines looming, states, cities and towns have already laid off tens of thousands of government employees. The American Federation of State, County and Municipal Employees, a public employees union, says about 45,000 government layoffs have been announced this year.There are 29 states, including California, Florida and Ohio, facing a combined budget shortfall of at least $48 billion in the fiscal year that starts July 1, according to the Center on Budget and Polic...

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