Arab street protests have given the world a "Day of Rage" on several different days. Now some misguided Americans are making this concept their own to protest the imminent destruction of their union benefits. The state of Wisconsin is doing the right thing by moving to curtail state employee unions' collective bargaining rights. The state has even thrown the unions a bone by promising no layoffs in exchange for higher employee contributions to their own pension and health care benefits. In other words, the state asks its employees to accept the same lifestyle deal faced by the private sector taxpayers who pay their salaries.
On the plus side, passage of this fiscally responsible legislation will make credit analysts look more favorably upon the state of Wisconsin's finances. The state's muni bonds will look more secure and taxpayers will save on interest costs. On the minus side, unionized teachers and other employees show how clueless they can be when sufficiently roused.
Unions are responding to this common sense legislation with their typical childishness, greed, and arrogance. This goes to show that union leaders just aren't intelligent enough to grasp economic concepts. These protesters may be even more dense than the Teamsters at YRC Worldwide, which I didn't think was possible until I read the stories coming out of Wisconsin today.
Wake up, unions. Your time is almost up. Do your members a favor by breaking the news to them that the days of generous benefits and job security for low-skill occupations are rapidly drawing to a close.
Full disclosure: No position in YRCW or Wisconsin muni bonds.
On the plus side, passage of this fiscally responsible legislation will make credit analysts look more favorably upon the state of Wisconsin's finances. The state's muni bonds will look more secure and taxpayers will save on interest costs. On the minus side, unionized teachers and other employees show how clueless they can be when sufficiently roused.
Unions are responding to this common sense legislation with their typical childishness, greed, and arrogance. This goes to show that union leaders just aren't intelligent enough to grasp economic concepts. These protesters may be even more dense than the Teamsters at YRC Worldwide, which I didn't think was possible until I read the stories coming out of Wisconsin today.
Wake up, unions. Your time is almost up. Do your members a favor by breaking the news to them that the days of generous benefits and job security for low-skill occupations are rapidly drawing to a close.
Full disclosure: No position in YRCW or Wisconsin muni bonds.
