State and local workers are cleaning up while private sector workers are being laid off, accepting lower pay and having to save for their own retirements through 401k plans.
Gary Shilling’s points remind me of David Beito’s Taxpayers In Revolt:Tax Resistance During the Great Depression. Beito chronicles how state and local government spending ballooned during the 1920′s boom as did taxes. When the bust of the 1930′s arrived, taxpayers were in no mood to keep government and its employees in the lifestyle for which they had become accustomed.
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What was the ratio of government employees to private sector laborers in 1930, and how does it compare to that of today?
Uh oh, time for more bread and circuses, asap!
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