Richard Yamarone tells King World News:
“Construction and housing is flat on its back. Conditions are getting awful. Unfortunately, the only job creation we are getting are the less than desirable burger-flipping jobs. These are minimum wage type jobs and you don’t get the economy coming back with that type of hiring.
"State and local governments are shedding jobs continually by 10,000, 15,000, 20,000 jobs each month because they don’t have the revenues coming in from the commercial real estate. There are widespread vacancies. They don’t have enough revenues and incomes taxes coming in. They also don’t have enough revenue coming in from the housing sector, which as I said is flat on its back.
So without the incomes and the tax revenues coming in, what do they do? They have to cut services...." click through for the rest.