Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  January 08, 2013 16:06:51

Moody's: U.S. local governments are in the best financial condition since the crisis, will recruit workers


According to Moody's analysts are American local government and public administration in the best financial shape since the financial crisis in 2008/9, which should allow them this year to create new jobs.
Local government and local governments over the past 5 years to release the austerity programs around 500,000 employees.

According Macroeconomics Advisers investment and general spending of local governments will grow this year by 1.8%. In 2011, this sector catered to about 12% of GDP.

According to estimates of the National Governors Association position will also improve due to higher government tax collection. Revenue Treasuries would budget period 2012-13 should increase by 3.9%.

According to statistics from the National League of Cities member cities, 57% said that last year they managed to better meet the financial goals and needs than in 2011.A majority said that for the first time since the crisis began in 2007.

Improving the financial situation of the state and local governments also confirmed by developments in the local government bond market, which, in total 3.7 trillion USD in 2012 brought in 7.3% versus 2.2% for bonds of the federal government.

The financial situation of local governments and local authorities should continue to improve. Among other things, due to the budget agreement reached last week, inter alia, the maximum increase in the top tax rate from 35 to 39.6%.

The main risk on the revenue side is now still not finalized negotiations on the necessary increase in the debt ceiling of public finances. In the absence of agreement threatens to start automatic spending cuts in the federal budget, which would inevitably also affected the budgets of local governments and municipalities.According to some estimates, but their situation is so good that even the loss of revenue from the federal budget will not necessarily lead to a decline in local activities.
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