hvactec
VIP Member
11/04/2011
463,000 Jobs cut by local Governments since the recession ended in June of 2009.
The economic slump has been very hard on teachers, firefighters, police and other local-government employees. Unfortunately, it looks like the layoffs are far from over.
Even as private employers add to their payrolls, municipalities are still shedding jobs. As of October, local governments employed 14,109,000 people, the Labor Department reported today. That's 463,000 less than they did when the recession officially ended in June 2009. About half of the lost jobs were in education.
There are various reasons to believe the job losses will continue. The federal government is cutting back on aid to states, which in turn may have to cut back further on transfers to the local level. At the same time, the property-tax revenue that makes up most of local governments' budgets are finally declining as home-value assessments catch up with the housing bust -- a process that can take several years.
The more property taxes fall, the deeper localities will have to cut.
read more Teachers, Firefighters, Cops Face More Layoffs: The Ticker - Bloomberg
463,000 Jobs cut by local Governments since the recession ended in June of 2009.
The economic slump has been very hard on teachers, firefighters, police and other local-government employees. Unfortunately, it looks like the layoffs are far from over.
Even as private employers add to their payrolls, municipalities are still shedding jobs. As of October, local governments employed 14,109,000 people, the Labor Department reported today. That's 463,000 less than they did when the recession officially ended in June 2009. About half of the lost jobs were in education.
There are various reasons to believe the job losses will continue. The federal government is cutting back on aid to states, which in turn may have to cut back further on transfers to the local level. At the same time, the property-tax revenue that makes up most of local governments' budgets are finally declining as home-value assessments catch up with the housing bust -- a process that can take several years.
The more property taxes fall, the deeper localities will have to cut.
read more Teachers, Firefighters, Cops Face More Layoffs: The Ticker - Bloomberg