State, City Governments Following Private Sector Employment Cues

Taking a cue from the private sector, state and city governments have started announcing job losses and furloughs as they struggle to close budget gaps without resorting to crippling tax hikes. New York City Mayor Michael Bloomberg warned today that the only way the city would be able to avoid large-scale layoffs -- more than 20,000 employees -- would be if there were concessions from the state, the unions and city leaders. "You can't spend what you don't have," Bloomberg said. "If they...Full Story
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