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Take a look at the following table. The sales growth rate increased from 2009 to 2011 (expected), but the EPS growth rate has come down quite a bit. In fact, in 2011 and 2012 earnings per share are expected to grow at a rate less than sales.
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Now i realize things are a little different in the public sector and Keynesian logic dictates that when the private sector is tightening the belt, public sector spending can cushion the downturn. But a time must come when the public sector needs to put its house in order and that should be the moment that the privat