Congress has managed to pass a three-day continuing resolution for a budget that began on October 1, 2010 for fiscal year 2011. Good show!
And out in the hinterlands where budgets are balanced every fiscal year officials wait with baited breath to see if federal cuts will effect their already stressed budgets. And they keep fighting the good fight.
The shrinking muniland work force:
Conventional wisdom is debunked by the simple chart above from the Federal Reserve Bank of Atlanta.
The chart shows that municipalities have been decreasing their labor forces for several years. Municipalities must balance their budget which means that employment reductions are made early and often.
FRB Atlanta’s President Dennis Lockhart spoke in West Palm Beach, Fla., about the current phase of American economic history, which he termed the “Great Rebalancing.”