Review & Outlook: The President on Growth - WSJ.com
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Mr. Obama also misdiagnoses state and local government layoffs. They aren't the result of falling state and local revenues, which have increased by 6% over the last two years, according to the Census Bureau. The problem is that the cost of worker benefits is growing faster than revenues. Governments are having to lay off workers to pay for their rising pension and health bills.
5:32 AM Jun 13 2012