Cities Warn Of 500,000 Job Cuts, If Washington Doesn't Stop Local Fiscal Crises

For a little more perspective on California’s warning of a “fiscal meltdown” you should probably see this recent report from the US Conference of Mayors (.pdf) published earlier this week.

The nut: without a bailout from the federal government, local governments will need to layoff another 500K.

Here’s the breakdown of what categories are likely to be cut.

chart

Photo: Conference Of Mayors

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.