Growth Through Austerity

While we’re on the topic of the stimulus, Barry Ritholtz quotes the WSJ, and points out that the state & local-level anti-stimulus has been a drag on unemployment:

The Labor Department’s establishment survey of employers — the jobs count that it bases its payroll figures on — shows that the government has been steadily shedding workers since the crisis struck, with 586,000 fewer jobs than in December 2008. Friday’s employment report showed the cuts continued in April, with 15,000 government jobs lost.

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