GDP Report Points to Concerns About State and Local Governments
February 26th, 2010 admin
Strained budgets in states and local governments don’t just affect the area residents — they can cause a drag on the whole U.S. economy. Spending from state and local governments fell at a 2% annual rate in the fourth quarter, a revised gross domestic product report showed today. That’s much worse than the 0.3% drop in the original estimate or the 0.6% decline in the third quarter. And upcoming quarters could show similarly bad numbers as revenues continue to fall. “These administrators are likely to have to fire more workers and obviously …
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