By Nin-Hai Tseng, writer-reporter June 3, 2011: 11:36 AM ET
Those calling for smaller government should be pleased: State and local municipal employees are losing their jobs at a much faster pace than the private sector.
FORTUNE – For all of Washington's bickering over the debt ceiling and all the battle cries for government budget cuts, it's important to point out that there's already a back-door austerity plan well under way and it's showing its very dreary colors in cities and states across America.
Just take a look at today's unemployment figures for May. Job growth slowed sharply, adding only 54,000 nonfarm payroll jobs, compared with 232,000 jobs added in April. What's interesting is that private sector employment has continued to trend up, while governments struggling with severe budget shortfalls have shed workers in corporate cost-cutting fashion.
Full story:
http://finance.fortune.cnn.com/2011/06/03/welcome-to-austerity-america/
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