McBride says “Underpinning his optimism is the fact that the State & Local bust will no longer be a drag in 2013.” I’d take the other side of that bet.
Total government civilian employment is down 365,000 from the start of the recession in December of 2007. Private payrolls are down 3,832,000 over that same period. So how is loss of GOVERNMENT employment providing a serious drag on the economy?
State government employment is down 54,000 since the start of the recession. Federal civilian employment is up 48,000 over that period of time. So about 359,000 local government employees have lost their jobs, on net, over that period of time. That’s 59 months from December 2007 to October 2012. That’s an average loss of 6,085 local government jobs a month over that period of time. In other words, within the margin of error of any given monthly employment report.
So how is loss of GOVERNMENT employment providing a serious drag on the economy?
I also think that not enough attention is being paid to the role that cost of living, step and grade increments and other contractual commitments are having on the total number of public sector jobs. The problem that the public sector isn’t just a shortfall in revenue below expected levels. It’s sticky wages.
You can be smart and immoral at the same time. I saw it on the south coast. You have have to be top game to play on those levels.
I knew and liked a couple that picked up a couple of condos in Orange Beach. They put actual physical labor into a couple of three-bedrooms. Sold at the top of the boom. Made a cool hundred thou apiece.
I attribute it to that one-time tax free dividend. It let loose a lot of stupid money, much like my stepsons — even if they only have half a mil apiece.
Looking for some predictions for 2013?
McBride says “Underpinning his optimism is the fact that the State & Local bust will no longer be a drag in 2013.” I’d take the other side of that bet.
Total government civilian employment is down 365,000 from the start of the recession in December of 2007. Private payrolls are down 3,832,000 over that same period. So how is loss of GOVERNMENT employment providing a serious drag on the economy?
Link to more links.
State government employment is down 54,000 since the start of the recession. Federal civilian employment is up 48,000 over that period of time. So about 359,000 local government employees have lost their jobs, on net, over that period of time. That’s 59 months from December 2007 to October 2012. That’s an average loss of 6,085 local government jobs a month over that period of time. In other words, within the margin of error of any given monthly employment report.
You can look these numbers up at the FRED site.
I also think that not enough attention is being paid to the role that cost of living, step and grade increments and other contractual commitments are having on the total number of public sector jobs. The problem that the public sector isn’t just a shortfall in revenue below expected levels. It’s sticky wages.
It’s sticky wages.
I guess I should thank God that someone has sticky wages….
He resonates with me.
You can be smart and immoral at the same time. I saw it on the south coast. You have have to be top game to play on those levels.
I knew and liked a couple that picked up a couple of condos in Orange Beach. They put actual physical labor into a couple of three-bedrooms. Sold at the top of the boom. Made a cool hundred thou apiece.
Both of their buyers went bankrupt .
We had offers for ours at $425,000 SIGHT UNSEEN. What kind of values are those?
I attribute it to that one-time tax free dividend. It let loose a lot of stupid money, much like my stepsons — even if they only have half a mil apiece.
Y’ all idiots? Of course I married “up”!
Academics, my foot!
Further, I relate to the way he used his blog. I’ve used mine as a diary, too.
I still haven’t heard from Sunoco. Time to rock and roll.
My BIL represents Chevron, too
I’m flatly too tired to go to Houston. I come from Dallas. We never liked you anyway.
My brother was in gunnery in Vietnam. He could aim Howitzers.
I prefer Jdamns.