Through the decades, as flashier private sector jobs came and went, solid government paychecks and pensions formed the steady foundation of Sacramento's economy.When government workers are a large part of a local economy: this is bound to happen.
Now that foundation has become a dead weight.
Layoffs, furloughs and other public sector cutbacks are stalling Sacramento's economic recovery. To a degree not seen in decades, a crisis in government is elevating the region's unemployment rate, prolonging the real estate slump and carving cash out of the economy to the tune of around $2 million a day.
Monday, July 04, 2011
Government paychecks, pensions now a dead weight to Sacramento economy
McClatchy reports: