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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: andiron12/23/2008 3:59:58 PM
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while private sectors jobs are disappearing at a rapid pace, we are yet to see big layoffs amongst the worst offender. Govt payroll is huge nationwide and doesn't reflect the new reality. What is needed is severe salary cuts & layoffs in the country's most wasteful sector.

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Berardino said he thought most municipalities would avoid bankruptcy and mass job cuts by slashing services this fiscal year.
“After July of 2009, though, it’s a whole new ballgame,” he said.

bloomberg.com
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