"A government big enough to give you everything you want, is big enough to take away everything you have"
Thomas Jefferson

Friday, November 7, 2008

Job Losses

EJ McMahon blogged yesterday that the Governor's job loss projection of 160,000 maybe optimistic. He reports in previous downturns job losses reached 500,000 in 1990-93 period and 300,000 in 2001-03. The 1990-93 recovery period was nine years while the 2001-03 recover period was six years.

 
McMahon warns against past practices of significant tax increases by governments in order to survive the downturn. He blogs this is not an ordinary downturn, financial markets are in for permanent change and reality is more regulation and less profit.
Government budgets need to take in account this permanent loss of revenue and "reorder" their priorities, he  warns that tax increases will only cause job losses to become more severe and longer lasting. While his primary focus in the article is New York City and New York State budgets, local governments should be prepared for the trickle down from the loss of revenue from the state.   

3 comments:

Dan Francis said...

No one in the GOP can complain about JOB LOSSES under the conditions that they helped push and pass: two major Bush tax cuts in time of war - which has NEVER happened in our history before; sustained job movement overseas and huge amounts of profits being moved offshore (* more greed) - those things simply do not work.

My bottom line for the GOP, and sorry to a few of my GOP friends, you simply cannot be trusted with the family purse any longer. Your deeds did not match the words necessary to sustain a
prosperous and great nation.

~ dmf

Ray said...

For those that need jobs, there are still thousands of high paying jobs on popular employment sites like -

www.linkedin.com (networking)
www.indeed.com (aggregated listings)
www.realmatch.com (matches jobs based on your skills)

Good look to those looking for work!

Anonymous said...

No Danny, the job losses were in NY STATE, not the nation. Blaming NY's problems on GWB isn't an honest way to go. You know we've been a leader in job loss, population loss, all the great categories.

I'm surprised at you.

We did this to ourselves by spending too much. Far out of line with what the nation did.

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