-8.3%decline in local and state spending during the fourth quarter of 2008 – the height of the economic decline. The first quarter of 2009 also saw declines source
When we receive our monthly job report next week, it is likely to show that we are continuing to lose far too many jobs in this country. As far as I’m concerned, we will not have a recovery as long as we keep losing jobs.
President Barack Obama • In his weekly radio address, describing the state of the economy. The president says that it will take “many more months to fully dig ourselves out of a recession – a recession that we’ve now learned was even deeper than anyone thought.” • source