States Bleeding Jobs At Record Rate

U.S. state and local governments cut thousands of jobs in June, pushing their payrolls down to the lowest level in five years.

In June alone, local governments shed 12,600 education jobs. Since last August, when concerns about mass layoffs at public schools spurred Congress to send states millions of dollars, local education lost 124,300 jobs.

The National League of Cities, which represents civic officials, foresees further job cuts for at least the next 18 months.

State budget issues loom largely from the lowering of property taxes based on declining values, a direct result of the Fannie Mae Subprime housing crash of 2007. See also 'Double-Dip' Housing Plunge Deepens.

Obama claims he has made 2 million jobs since taking office.  However,  8 million jobs net loss since taking office stands like a shadow over the economy, his computations seem suspicious.  We do know that Obama has hired 750,000 new federal government employees, parasitic jobs that drain the private sector.

The unemployment picture is grim.  Today, the US Labor department calculates the jobless rate differently than during Jimmy Carter, when the department took out those who have left the job market entirely.  Using the older method, the real jobless rate is around 18%.  And those that are working, are seeing decline in pay and wages...

A monumental tragedy no matter how Obama tries to spin it.

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