Daily Must-Reads November 26
Crain's Chicago Business: Unions have a new enemy — their own members
Multinational corporations have a new ally in their battles with organized labor: unionized workers.
As organized labor loses leverage in a race-to-the-bottom global market, some workers are becoming so disillusioned by what their unions can, or rather can't, do for them that they want out. The disaffected include dozens of machinists at Caterpillar Inc.'s plant in Joliet who crossed the picket line during a strike last summer and are planning unfair labor practices complaints against the union.
CNBC: Morgan Stanley’s Doom Scenario: Major Recession in 2013
The global economy is likely to be stuck in the “twilight zone” of sluggish growth in 2013, Morgan Stanley has warned, but if policymakers fail to act, it could get a lot worse.
Points and Figures: The Keynesian Way To Rebuild America
My mayor, Rahm Emanuel penned an editorial for the Washington Post. In it, he advocates bringing the Chicago way to the rest of America. I would disagree. Say what you will about the corruption in Chicago-and it’s rampant-but the logic behind the Chicago Way is not the way forward. The Chicago Way is not out of the box thinking. It’s more of the same.
WSJ: The Fiscal Cliff Drama, in Infographics
The “fiscal cliff,” when a package of spending cuts and tax increases is set to go into effect unless the White House and Congress negotiate an alternative, is fast approaching. Here’s a look at the players, their positions and the fallout if a deal isn’t reached.
NBC: Feds say teachers hired stand-in to take their certification tests
It was a brazen and surprisingly long-lived scheme, authorities said, to help aspiring public school teachers cheat on the tests they must pass to prove they are qualified to lead their classrooms.
NBC Chicago: Lawmakers Face Gambling, Prisons, Assault Weapons
Lawmakers will be staring down some of the higher-profile issues in Illinois when they begin their fall session Tuesday. But resolution of gambling, state facility closures, immigration and medical marijuana proposals could come in the form of dramatic confrontation, negotiating-table settlements, anticlimactic if symbolic votes, or no decisions at all.Do You Live in a Death Spiral State?
Thinking about buying a house? Or a municipal bond? Be careful where you put your capital. Don’t put it in a state at high risk of a fiscal tailspin.
Eleven states make our list of danger spots for investors. They can look forward to a rising tax burden, deteriorating state finances and an exodus of employers. The list includes California, New York, Illinois and Ohio, along with some smaller states like New Mexico and Hawaii.
Daily Must-Reads November 25
CNBC: The Millionaires Who Pay the Highest Tax Rate
Buffett and Mitt Romney have managed to create one of the enduring
myths of our tax debate: that the rich pay a lower rate than the rest
The Washington Post: How to rebuild America
Emanuel, a Democrat, is mayor of Chicago and represented Illinois’ 5th
District in the U.S. House from 2003 to 2009. He was White House chief
of staff from January 2009 to October 2010.
much post-election analysis has focused on voter demographics and
campaign mechanics, leaving Democrats in danger of drawing the wrong
lessons from our electoral success.
Northwest Herald: Quinn could play Santa Claus by reforming state tax code
If Gov. Pat Quinn is looking to moonlight during the holiday season, he ought to consider becoming a gift wrapper at Sears.
all, the governor promised the retail giant $150 million in subsidies
within the last year. He might as well have tied it with a bow on top.
Welcome to the goofy world of Illinois corporate welfare.
Examiner Editorial: If top 5% paid 40% of taxes, what is their 'fair' share?
income taxes, taken in isolation, do not tell the whole story, because
lower-income Americans do pay payroll taxes. But even taking into
account all forms of taxation, the top 1 percent still paid 22 percent
of federal taxes while earning just 13.4 percent of household income.
The top 5 percent paid 40 percent of all federal taxes, despite earning
only 26 percent of all income. No matter how you slice the numbers,
it's hard to understand why anyone would think the wealthy aren't
already shouldering a burden commensurate with their blessings.The Economist: Poking Walmart, choking Twinkies
Why America’s private-sector unions are in declineBuilt in Chicago: Tons of tech jobs and not enough takers
lined up near the TV cameras, waving signs that read “On Strike”. Many
wore the lurid T-shirts of OUR Walmart (Organisation United for Respect
at Walmart), the group organising the protest.
of Americans are unemployed and businesses are looking to cut costs by
letting people go. But in this tough economic climate, there is one
industry starving for talent and fresh workers: web and technology
development. Brandon Passley, founder and owner of Vokal, a Chicago
application engineering company, is one of the many entrepreneurs and
managers struggling to fill positions in his field.