Labor

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Former Federal Reserve Board Chairman Paul A. Volcker (left) and former New York Lt. Gov. Richard Ravitch’s State Budget Crisis Task Force’s report says states’ financial problems aren’t just a result of the recession and slow recovery, but have built up over years. As an example, state and local government pension plans are at least $1 trillion short of what they need to pay for their pension promises. (Rod Lamkey Jr./The Washington Times)

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Marissa Mayer, one of the first executives hired at Google, is moving to lead Yahoo. She is the fifth top executive to lead the firm in the past five years. (Associated Press)

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An employee works on the Premier line of business jets at the Wichita, Kan., plant of Hawker Beechcraft, which announced last week that it had reached a $1.79 billion “exclusivity agreement” with a Chinese aerospace manufacturer for the sale of its business jet and general aviation operations that hopefully will save some of its thousands of jobs in Kansas. (Wichita (Kan.) Eagle via Associated Press)

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**FILE** Job seekers gather May 31, 2012, for employment opportunities during the 11th annual Skid Row Career Fair at the Los Angeles Mission in Los Angeles. (Associated Press)

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A young man enters an office of the Labor Force Employment Organization, with graffiti under the logo of OAED reading ''Snow or rain the jobless are always hungry'' in Athens. Economists fear that years of unemployment could produce a European version of Japan's "Lost Generation," the young jobless adults of the 1990s. (Associated Press)

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** FILE ** In this June 13, 2012, file photo, job seekers have their resumes reviewed at a job fair expo in Anaheim, Calif. (AP Photo/Jae C. Hong, File)

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Danny Sobel, whose family owns the Clock Shop in Vienna, Va., stands by two grandfather clocks in his shop. The one on the left was was made by Pennsylvania craftsman David Lindow, who with his son and a part-time employee builds about 125 clocks in a typical year. (Barbara L. Salisbury/The Washington Times)