Bloomberg's Julianna Goldman looks at the impact of shrinking government jobs on the overall unemployment rate. Just 9% of the population worked for the government in July as public payrolls have been cut 640, 000 since the end of the recession. Economists say the jobless rate would be 7.1 percent if the share of the population working for the government from 2001-2007 were still in their jobs. (Source: Bloomberg)
The Congressional supercommittee, charged with cutting federal debt by at least $1.2 trillion over the next decade, is deadlocked. Democrats and Republicans can’t agree on whose ox to gore. Both sides need a painless deficit- reduction plan.