Tens of Thousands of Layoffs?
From CS Monitor:
“The state of Arizona and all its cities and towns are confronting huge revenue shortages this year, mainly because sales-tax revenues are far below projected levels. In fact, Arizona has the dubious distinction – along with California, Nevada, and Florida – of leading the country in the current economic slide.”
Let's think about the above for a second. CA reported a 9.7 percent decline in sales tax revenues in January. The Governator demanded every department slash 10% of its budget.
Its seems that the economy is continuing to slow. Banks are backing away from bidding on municipal bonds forcing municipal organizations to pay double digit interest rates, if they can find a buyer for their bonds. This is constraining budgets even further.
Think how many people are employed by the above four states alone. How many jobs might be lost due to cut backs. Private industry is starting to cut back as well. Consumer confidence is collapsing due in large part to job outlook.
Any guesses how many jobs might be effected?