The Hurt Will Continue

[marmar]

from the Working Life blog:



The Hurt Will Continue
by Jonathan Tasini

Monday 10 of May, 2010


A lot of pain is going to continue to wash across the country. Witness this info on the continued lag in the construction industry:

Construction is a big employer and one of the better-paid sectors for men who lack a college degree. The sector has shed 2.1 million jobs from its peak in March 2007 to April 2010. The 5.6 million construction jobs that are left comprise 4% of U.S. jobs, down from 6% when employment peaked in December 2007.

With the glut of houses, offices and malls already pressuring the real-estate market, many of these jobs will not come back for a while, putting added pressure on unemployment even as growth resumes.

And if you thought government was in trouble, it will get worse:

State and local governments employ 20 million police officers, teachers and other employees, roughly 15% of the work force and more than in all of manufacturing. But much of the money to provide services and pay employees comes from property taxes, which depend on property values. Even as the economy and job market recover, Local governments are cutting employees as they grapple with the worst budget deficits in a generation.

Property taxes continued to grow through the recession and recovery, in part because local governments calculate the levy based on property assessments that are often years old. Property taxes grew 5.7% to $170 billion in the last three months of 2009 versus the same period in 2008. That won't last as tax assessments catch up with reality.

http://www.workinglife.org/blogs/view_post.php?content_id=14865

[msongs]

1. gotta have bombs and wars and profiteers doncha know before teachers and streets nt