Pay cuts are appearing most frequently among state and local governments, which are under extraordinary budget pressures and have often already tried furloughs,… Warning that they will have to lay off people otherwise, many governors and mayors are pressing public employee unions to accept a reduction in salary of a few percentage points, without getting days off in exchange.
new wage rollbacks feed worries that the economy has weakened and could even be at risk of deflation
Click on the following to read all of this NY Times story: As Finances Tighten, Furloughs Give Way to Pay Cuts - NYTimes.com
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