Search
In the United States also rates were slightlyWorkforce thus climbed to 54 people todayAl dente pasta time is not yet for tomorrowThe thermometer already accuses the 28 CBut in the end very few original scenes were cutOn the MTN their value was at the end of second quarter 59It is also more than 30 of the votes at the IMFThe Directorate General of tax published end January 2006 1 a statement drawing the consequences of a judgment of the Court of justice of the European communities in October 2005 2According to Euronext not likely before OctoberThe nomest already easy to understand EnglishThere is not that the debt crisis of the Greek concern American economists. According to a recent report by the Federal Reserve Bank of San Francisco, the impact of the recession on local finances and the worsening of the budget deficits of the Federated States threaten to weigh heavily on the climate of recovery across the Atlantic. In addition to the increase in the local levies, the impact of the cuts in the staff of local governments is of concern. According to some experts, in addition to the recent slowdown in the creation of jobs by the private sector (8,300 jobs in June), the local finance crisis could result in the loss of approximately 400,000 jobs in local governments (States, counties, cities) in 2011.
The vision of experts differ
"The fiscal crisis of the States has had and will continue to have very real and significant effects on households and businesses." "The cuts in public services, public safety and education are drastic and could have lasting consequences in the long term," said the San Francisco FED report, published on 28 June. The States most vulnerable include course California, whose budgetary problems are chronic, but also the Illinois, whose debt has recently been damaged by Moody's to A1, note the lowest of the United States, on 4 June, and the State of New York. On the 46 States that start their fiscal years to July 1, only 31 of them have already approved the budget for the fiscal year 2011 draft.
"The fiscal crisis of the States is likely to dissipate soon and will probably get worse before any improvement," noted experts from the FED in San Francisco, Jeremy Gerst and Daniel Wilson. As the revenues of the federal stimulus package of 2009 $ 887 billion will gradually shrink over the next two years. But they nevertheless believe that the impact of the crisis of local finances on the economy should remain relatively modest, the cumulative deficit of the Federated States is limited to 1 of GDP in 2010. "Historically, the health of the national economy determines the State of local finances, and not the reverse." All the experts do not share this relatively optimistic. According to the Center on Budget and Policy Priorities, the increase in local taxes, for which several States such as Kansas and New-Mexico, have already opted threat of "slow recovery and even to increase the risk of a relapse on the purchasing power of Americans". After you have removed some 190,000 jobs since June 2009, local governments continue to widely cut in their workforce to the reduction of federal aid.
According to the Economist of Moody's Mark Zandi, some 400,000 local jobs would now be at risk, one of the main concerns relating to the financing of Medicaid, medical assistance program for low income, which the load is shared between the Federal State and local authorities. In view of these difficulties of funding, Wells Fargo has thus reduced its forecast of growth of GDP from 1.9 to 1.5 in the third quarter.
