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Wall Street Breakfast: Unionbusters

Wall Street Breakfast profile picture
Wall Street Breakfast

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The first major unionization drive at an Amazon (NASDAQ:AMZN) warehouse in the U.S. looks set to fail as results continue to be tallied at a fulfillment center located in Bessemer, Alabama. With about half the 3,215 ballots counted so far by the National Labor Relations Board, about 70% of Amazon employees at BHM1 have sided against unionization, which is well ahead of estimates that forecast somewhat of a close race. Officials will resume counting today, when a final outcome could become clear.

Bigger picture: Over the past few weeks, Amazon has pulled out all the stops to try and convince the workers at BHM1 that unionization would not be in their favor. It seems like the efforts paid off, which included aggressive advertising, mandatory anti-union meetings and sending workers multiple texts per day. Not only did the firm attract new workers to vote against the effort, but it also appears to have changed the mindset of workers who were planning to back the union, based on the early signs of support needed to trigger the vote in the first place.

Once the results have been formally certified by the National Labor Relations Board, there will likely be an appeal from The Retail, Wholesale and Department Store Union. The RWDSU is already saying that some of Amazon's tactics against the union were illegal. For example, a drop box that was placed in the parking lot of the facility could have intimidated workers into thinking that Amazon was monitoring the vote and was a direct effort to influence the ballot. Others have pointed to Amazon's push to have the county change the timing of a traffic light leaving the warehouse parking lot, which the company says was meant to alleviate congestion, though union organizers say it deprived them of a venue for canvassing workers.

What's next? Some labor experts think the union has a pretty strong case, with local regulators having the power to overturn the vote entirely and grant the union a victory. If that were to happen, the case could go to Washington, where Amazon could appeal on a national level to the NLRB. Don't expect an easy outcome. The entire process could take another few months. (26 comments)

Inflation risks recede

Stocks closed higher on Thursday as inflation fears continued to fade, as lower bond yields lifted gains for Big Tech companies. While the 10-year Treasury rate surged to 1.776% at the end of March following a string of strong U.S. economic data (stoking expectations the Fed could be forced to raise interest rates sooner than anticipated), Jay Powell appears to be getting his message across to the population. Yesterday, the Fed Chair repeated his view that any upward pressure on prices is "transitory," while price increases resulting from supply chain bottlenecks should "eventually resolve themselves."

Bigger picture: In remarks to the International Monetary Fund, Powell stated a number of factors were putting the nation "on track to allow a full reopening of the economy fairly soon." He also expressed concern over long-term "labor market scarring" and assured continued support for those out of work due to the pandemic. An unexpected rise in the number of Americans filing new claims for unemployment benefits kept a lid on the Wall Street buying enthusiasm on Thursday, but also led investors to trust Powell's statements of continuous support and calmed inflation jitters.

Money is also rotating between sectors at high speed, returning to tech yesterday as cash flowed out of energy and financials. "The pandemic accelerated changes in business," Powell declared at the IMF meeting. "It's important to remember we're not going back to the same economy. This will be a different economy. Businesses are adopting more efficient technologies and that may lead to hiring perhaps fewer people." Overnight, cyclicals were meanwhile inching ahead of their growth rivals, with contracts linked to the Dow Jones up 0.2%, while the Nasdaq dipped 0.2%, and the S&P 500 looked set to notch another record high.

More inflation data: Traders will be watching the latest report from the Labor Department this morning, which will disclose producer prices for March. The headline Producer Price Index is expected to rise 0.5% month-over-month, matching the gain seen in February.

Tax warning

New York passed plans this week to increase taxes on its most affluent residents, though top business leaders say the increases could backfire by driving away top earners from the city. The $212B state budget includes more aid for schools, tenants and small businesses. It also allocates billions to other progressive efforts like renewable energy and nonprofit arts, as well as workers who don't qualify for federal aid because of their immigration status.

By the numbers: While New York state income tax rates will rise and new brackets have been added, making headlines is the percentage New York City's ultra-high earners will have to pay. Marginal income tax rates could be nearly 52%, which would mean the city's wealthiest residents could end up giving more of their paychecks to federal, state and local governments than they keep for themselves. It would also push NYC past California, which currently has the highest marginal personal tax rate in the U.S. - just over 50% on income over $1M.

Executives at major Wall Street firms and other New York employers have warned city officials of the consequences. In a letter delivered to Gov. Andrew Cuomo and leaders of the state Legislature, 250 business executives said the package of tax increases would "jeopardize New York’s recovery from the economic crisis inflicted by COVID-19." New York is already having a slow recovery, with the state's unemployment rate at 8.9% in February, the second highest among the 50 states and D.C.

Outlook: Elliott Management, Icahn Enterprises (IEP), Silver Lake, Blackstone (BX) and Moelis (MC) are among the firms that have either moved their HQ or opened new offices in Florida over the past year. Goldman Sachs Asset Management (GS) is meanwhile considering plans to expand in the state - which has no income tax - while JetBlue (JBLU) is looking to relocate its headquarters there from NYC. Many companies have also discovered during the work-from-home lockdowns that they didn't need to keep employees in Manhattan or that the high cost of an NYC flagship office is no longer worth it. (16 comments)

'Commercial real estate tsunami'

Shares of Levi's (NYSE:LEVI) rose 2% on Thursday and are up another 4% premarket, after the jeans maker topped expectations with its Q4 report and issued a confident outlook. The pandemic was major factor, but global digital net revenue increased approximately 41% during the quarter to comprise around 26% of total revenue. Adjusted gross margin also increased 200 basis points to 57.7% of sales, primarily due to a better mix within wholesale, price increases and lower promotions.

The company also announced plans to add to its 40 stores and 200 outlets across the U.S. to boost its direct-to-customer operations. "That represents a huge opportunity especially with the commercial real estate tsunami that is happening right now," Levi's CEO Chip Bergh told CNBC. "It gives us an opportunity to secure great locations at great leases and we're capitalizing on that."

Statistic: Vacancy rates at regional malls rose to a record 11.4% in the first quarter of 2021, up from 10.5% in the prior quarter, according to Moody's Analytics.

Go deeper: As part of its new store rollout, Levis is creating what it calls NextGen stores. Bergh says they will be much more digitally enabled and would provide for a seamless shopping experience between the digital world and the physical brick-and-mortar store. The outlets are also designed to be smaller, as little as 2,500 square feet, and are fortified with machine learning to help with inventory.

King Dollar

Going into 2021, almost every sell-side analyst suggested the dollar would weaken this year, but the U.S. currency has surprisingly appreciated instead. The ICE U.S. Dollar Index, a measure of the currency against six major rivals, has so far bounced nearly 3% this year following a decline of 6.7% in 2020. In the first quarter alone, the dollar climbed 7.2% against the Japanese yen, while the euro in March dropped the most in three years against the greenback.

What happened? Expectations of a weakened dollar were based on loose monetary conditions in the U.S., inflation expectations, rising public debt and a robust global economic recovery. However, signs now suggest the U.S. will outperform other major economies as Europe struggles with its COVID-19 vaccine rollout. A robust U.S. economic performance could also mean divergence in monetary policy, with the Fed tightening monetary policy relatively more quickly than the ECB. "That could see the pace of dollar appreciation accelerate this year," BofA wrote in a recent research note.

While some analysts acknowledge they were quick to make forecasts, others aren't giving in. "We do not think that the long-term outlook for the dollar has changed," said Calvin Tse, a currency analyst at Citi, who still feels the currency could fall as much as 20%. However, Goldman Sachs this week canceled its short call on the dollar, saying after a "choppy few months we are closing our recommended dollar short trade."

Outlook: The next move for the greenback may depend on whether the Fed will let the economy run hot. Last month, policymakers signaled that expectations for interest rates be kept at near zero through 2023, but some money markets are already positioning for a rate rise as soon as next year. Others suggest that even if the Fed would move early, the relationship has changed, as well as the currency's traditional role with regard to equities. Once upon a time, a weaker dollar was seen as a boon for U.S. equities, but a stronger buck didn't prevent the continuous stock market highs that were notched in the first quarter.

What else is happening...

GM (GM) idles production at plants as chip shortage worsens.

Biden targets 'ghost' guns, background checks and gunmaker immunity.

Credit Suisse (CS) ignored warnings on Archegos, Greensill - WSJ.

GameStop (GME) plans to elect activist investor Cohen as chairman.

Coinbase concerns? Robinhood (RBNHD) scales up crypto capabilities.

Tesla (TSLA) looking for showroom space in major Indian cities.

Cathie Wood doubles down on DraftKings (DKNG)

and Palantir (PLTR).

Apple (AAPL) reveals market definition for Epic Games antitrust trial.

Canopy Growth (CGC) drops as investors digest Supreme Cannabis deal.

AstraZeneca (AZN) woes grow as Australia curbs COVID-19 shots.

Box (BOX) plunges after taking $500M investment from KKR.

Deal with Sony (SONY) sees Netflix (NFLX) get Spider-Man streaming rights.

Today's Markets

In Asia, Japan +0.2%. Hong Kong -1.2%. China -0.9%. India -0.3%.
In Europe, at midday, London -0.1%. Paris +0.3%. Frankfurt +0.2%.
Futures at 6:20, Dow +0.2%. S&P +0.1%. Nasdaq -0.2%. Crude +0.2% to $59.71. Gold -0.7% at $1745.70. Bitcoin +2.8% to $58375.
Ten-year Treasury Yield +3 bps to 1.66%

Today's Economic Calendar

8:30 Producer Price Index
10:00 Fed's Kaplan Speech
10:00 Wholesale Inventories (Preliminary)
12:00 PM Fed's Kaplan Speech
1:00 PM Baker-Hughes Rig Count

Companies reporting earnings today »

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Comments (115)

imogen8 profile picture
Why is everything so polarized and dichotomous? Mandatory union vs no union? What about voluntary unions that basically act as HR for the employees? Everything is always all or nothing. Why do we want do badly to believe that employers will always do the right thing, or that the competitive jobs are so much better?

We all know that HR’s only responsibility is to protect the company paying their check. What other protection or recourse do employees have? Competitive wages? There has been a slow but steady erosion of benefits, a shift in costs to the employees while corps make record profits, and wages are only so competitive (there are pay bands that keep most people in a fixed range depending on position, skills and experience). Voluntary unions could act as HR for the employee.
M Elan profile picture
@imogen8 In simple terms, higher wages lower profits. So there is an obvious conflict.
10 Apr. 2021
I enjoyed this article very much! I'm amazed by all of the comments from the free-riders that don't even pay for Seeking Alpha and maybe it explains some of the views posted. After reading many of the posts, I thought I'd share my thoughts. First of all I read of the great concern so many have about paying "substantial" parts of their incomes to unions or "union bosses" That is really rich! Does this mean that you have no understanding that in a "Right to work" state like Alabama an employee can NEVER be forced to pay a union for representation? (Kind of like reading all of this for free)

Do you REALLY want answers to all the questions you ask in comments and how on earth would we know that Amazon did nothing illegal in defeating the unionization attempt?

In the US workers have the right to organize and have a Union represent them. The company gets no vote at a union election, so how do they defeat such an effort? Through fear and intimidation, it was reported that Amazon did fire employees involved in organizing and if this is true, they will likely get a slap on the wrist and have to post a notice for all employees to see that they promise never to do this again. The ex-employees will likely settle for back wages MINUS any earnings or unemployment they may have earned, which is chump change for even the smallest of employers.

It was reported that Amazon put a program in place to give workers a thousand dollars or so to quit if they weren't happy in another effort to buy their way out. Then you have your "Union Avoidance" program where companies gladly pay outside firms to come in and run a campaign consisting of numerous things including spying on employees and brain washing that most people wouldn't believe unless they witnessed it like I have. Books have been written by former union busters that even admitted to having illegal substances planted in employee lockers to drive them out.

Imagine a company rounding you and your co-workers up for several mandatory meetings, eventually separating you into pro and con blocks? Then on the monitors in the lunch room and throughout the facility you are constantly bombarded by film clips many times with subliminal messages? What if these clips show you Suzie and John walking in to punch in then flashes to some Hollywood classic where the cops or the scabs are getting the crap kicked out of them or visa versa, then back to the group extolling we keep out these outsiders etc.

Only civilized countries Like Canada and much of Europe really protect and maintain workers rights to representation. I never bought or hired a Lawyer without signing a contract and can proudly say that I rarely sold my labor to anyone that didn't sign one with me!
Name something new and important that has come out of europe there is litte innovation and invention there why is that
Eponymous One profile picture
@john boy

I'll go with "What is Western Civilization" for 2000...
@Eponymous One
I'll go with high taxes universal = less incentive and less profits on corporations to innovate and do R&D they have even more regulations so its harder for the individual to start tech companys= stagnation and this is what the democrats want to turn the US into = no flying cars and no jetpacks
Inflation won't be an issue until it shows up in wages and there are multiple factors suppressing wage inflation: no change in federal minimum wage, anti-union bias, growth of self employment/contracting labor, immigration, preferential tax treatment of investment income, international competition for manufacturing jobs, strong dollar.
Daleem profile picture
Your take on Amazon and the union vote was almost completely biased against Amazon. Sure, they used tactics to get anti union support, why not, since the majority of union forming tactics are extremely aggressive and under the table. No doubt, Amazon isn't completely innocent either and will hopefully make benificial changes. This results in happier workers, no union dues and absent another layer of management.
VoiceofSanitySometimes profile picture
In other news, airlines are pulling Boeing MAX jets out of operation because of an electric problem.

BA was the latest addition to my "do not buy" list. Others include GE, WFC, IBM. There might be money to be made in these stocks, but I have so little confidence in their mgmt and their culture that I couldn't possible put money behind their name.
@VoiceofSanitySometimes GE don’t agree. But invest on your own beliefs
18214212 profile picture
Three legalized rackets, in no particular order : unions, lotteries, and insurance. Discuss amongst yourselves.
I don't think lotteries are a racket, or insurance insurance offers way to many bennefits renters, homeowners just with the extreme weather we get not to mention insurance on investment property had to replace a kitchen due to a fire once
VoiceofSanitySometimes profile picture

Lotteries are the biggest racket of all. The government advertises targeting the poorest people to get them to buy tickets that pay 50 cents on the $. And they contribute very little to the state budgets because most of the 50 cents they don't pay out goes toward advertising and the administration of the program (govt bureaucrats and their pensions). The "it goes to education" line is an absolute lie as has been proven; states just cut their education budgets and then made believe money from the lottery budget was moved there; but the truth is that no new money was spent on education.

I have nothing against legalized gambling, but the government should not be promoting poor people to gamble in an arena with the worst odds by far.
18214212 profile picture

Have always regarded lotteries as a tax on people who are bad at math or a tax on the poor ( as they disproportionately play the lottery ). Of course, those who play in turn might retort that market participants are gamblers of sorts, but the market is more like an anti-lottery in that just about everyone wins in the long-run ( not a zero-sum game as trillions are printed from nowhere to ensure more winners than losers ).
richjoy403 profile picture
Above: "New York passed plans this week to increase taxes on its most affluent residents, though top business leaders say the increases could backfire by driving away top earners from the city." The NY tax increase "allocates billions to other progressive efforts like renewable energy and nonprofit arts, as well as workers who don't qualify for federal aid because of their immigration status."

One might wonder what non-US countries provide taxpayer-funded benefits to their illegal immigrants?

Ya gotta love the USA... where thousands of illegals are encouraged daily to sneak across our borders illegally by federal & local governments that wink at the obvious problem while encouraging it by making illegals eligible for special "sanctuary" protections, including making illegals eligible for taxpayer-funded healthcare* and other benefits.

Here's the latest (and unbelievably extensive!) list of sanctuary cities & counties where illegals are protected (including criminals). But fortunately American citizen criminals are not so lucky. cis.org/...

"According to a Border Patrol source with knowledge of what’s happening at our southern border: In one day, it encountered 4,700 people trying to illegally enter the U.S. About another 900 were observed but not detained. In addition, another 400 were detained and sent back (presumably to try again). This volume is straining resources at the border." Source: "Number of Illegal Border Crossings Now 6 Times What Obama Team Considered “Crisis” www.heritage.org/...

Ya gotta love the USA! But I'd feel safer if our laws were vigorously enforced, and amended as needed.

Since 9-11, it's increasingly obvious a USA that doesn't know who enters, and is ignoring the consequences of the tremendous risks it's winking at.

* Providing EMERGENCY help is mandated under federal law. The 1986 Emergency Medical Treatment and Labor Act requires hospitals with emergency departments to provide for "an appropriate medical screening" and required treatment to stabilize the condition of ANY PATIENT seeking emergency medical help.
Tis stuff with new york and lying biden just show how little respect they have for its citizens now they want to make life harder for us by raising taxes for nothing that benefits we the citizens but i guess as long as we keep voting these clown into office we deserveeverything damn thing they do to us
richjoy403 profile picture
@john boy -- Joseph De Maistre said "In a democracy, the people end up with the government and leaders they deserve".

I assume he would have also applied that to states and cities.
Paul's Pot profile picture
If I understand this correctly, illegals are being offered a $15000 enticement to come to NY. This $15000 is supposed to be for illegals who have worked in NY for a certain period of time, but since there is no way to verify this information, it's free money for all comers.
Xempler profile picture
So what will Biden's administration do about the union loss at Amazon? Piss off the unions? Or Bezos?
M Elan profile picture
@Xempler I expect some gesticulation and some bloviation. This is a golden opportunity to signal some virtue. Wave your arms for unions and everybody forgets a week later.
Xempler profile picture
@M Elan yeah true. At the end of the day...who gives a fuck?
M Elan profile picture
@Xempler The employees who voted. What is Biden supposed to do? Overrule the vote?
Unions and their leadership are corrupt , Unions are not needed anymore in these times , they only serve to protect the deadwood, protecting drunks @ work like they did in a Chryco factory and Porn Addicts in the Canadian Post Office is the unions job. Go Google those cases if you doubt me.
18214212 profile picture
@aurelio milaor cabal
"Unions are not needed anymore in these times"

Sweatshop conditions today would result in a Twitter mob instantly organizing boycotts long before an overpaid thuggish union boss could pretend to care and earn their keep.

As to the outdated notion that unions are required to bolster wages, in the private sector the invisible competitive hand of capitalism provides every employer an inherently strong incentive to pay commensurate to value lest an asset jumps ship to a competitor. Not to do so is akin to shooting oneself in one's own foot. People generally don't try to hurt themselves.

Unions are pseudo-terrorist organizations whenever they hold employers, and indirectly, consumers "hostage" to their demands. Public unions = double-terrorists.
VoiceofSanitySometimes profile picture
Oil prices spent most of March about 25-30% higher than they were in early February. Any wonder PPI popped by 1%. The stunner is that the brilliant "consensus of economists" was so low. Actually not a stunner at all; they have fancy computer models but never look out the window...
VoiceofSanitySometimes profile picture
I live in NY. NY is using the Pfizer vaccine, so everyone aged 16 and up can now get vaccinated. Appointments are getting easier and easier to get. But to be "safe" and recognizing 3 weeks between shots, let's give it 6 or 7 weeks (until Memorial Day) until we can say that everyone who wants a vaccine could have gotten one. And most of the rest of the country is in a similar time-frame.

We also now know that the vaccines are as close to 100% effective in eliminating the risk of bad outcomes from covid (hospitalization or death) as you can get.(still lots of unknowns with the vaccines which are why they are under an EUA, but with each day the data is getting a little better).

So now the question becomes -- do we start requiring vaccine cards everywhere to do anything, or do you instead say that moving forward there is no legal basis for suing anyone for transmitting covid (business or individual)? Seems to me the latter would be much simpler and more effective -- you want to come into this crowded bar not knowing who may have and be spreading covid, then the risk is all yours if you opted not to get vaccinated. The alternative is a massive bureaucracy that will have all sorts of legal issues and exemptions and be a nightmare for businesses to manage.

That said, I've never met a senior govt official who wasn't fully in support of building massive new bureaucracies, the more complicated the better, even if there was absolutely no need.
I think the vacine card is no big deal but I think we will get a clear answer when the cdc decides if or when a booster shot is required your thoughts
VoiceofSanitySometimes profile picture
@john boy

I think the vaccine card is a very big deal if it is used as a means to require people to take what is now an experimental drug.
@VoiceofSanitySometimes credibility lost
So drop boxes are good for Presidential elections, but not good for union elections?
Xempler profile picture
@freakybeak Exactly...yet another case of "Good for me, but not for thee"
Dalit profile picture
I'm a UPS guy and the union has made it possible for me to have everything I want. I don't have extravagant tastes though, I have a beautiful home in a great town, with enough left over to invest and flex my math degree. I see all the union horror stories on here lately, and all I can say is that they aren't all the same. We compete effectively with non-union shops, partly because we retain our people forever due to good pay and benefits. And my UPS stock has increased wildly while paying a nice div. It is not a slacker job by any stretch. OTOH, I am on sabbatical for back surgery right now. My background was something to escape from and that made this life right for me, but if you can become a doctor, do that ;)

But I want to talk about the dollar. Does Anyone have a reliable method for predicting which way it will go? Looks like I am in good company in failing in that at least. The dollar is a bigger mystery to me than most- usually I can get to the bottom of a question if I try hard enough, but the dollar had me stumped. Anyone, help!
A Pragmatic Investor profile picture
@Joe Union
The best that I can tell you ...
Economics 101 is supply and demand. We have been printing and printing "new" dollars. Much of which has gone directly into savings accounts and stayed there. Thus being a neutral transaction. As economic activity increases (via a 're-opening); demand for $$ should rise and thus the value of it. There are numerous influences that can cause short term movements (like interest rates), the buying and selling of U.S. Treasuries is one example.
Eponymous One profile picture
@Joe Union

Q. "Does Anyone have a reliable method for predicting which way it (the dollar) will go?"

The short answer it seems, is it depends!

The article linked below gives some insight into the factors involved when engaged in business that crosses international borders.

For most of us however, likely focused more on effects as domestic consumer, my opinion is that a low interest mortgage is the best hedge for a gradually devaluing currency that encourages the stability of individual home ownership supplemented by a CD ladder that protects the downside as it lowers the effective rate even further while providing the surplus liquidity that will be needed as an antidote to a normal decline in earned income over the years.

@Joe Union currencies are all relative to each other. Debt/GDP and current account are some factors which are all very hard to predict.
When I was younger in Canada, the union had delinquent and suspected corrupt leaderships which was exposed and thrown out in elections. It was discovered the company was stealing from the pension plan from both management and workers. When incriminating evidence was found with an access to information request and legal and actuarial help financed by the union at great cost. After the second year the company settled with cost of living increases for union members and terms drawn up from the union.
Both unions and management tend to overreach. Whatever happened to middle ground.

It's a cross-fire of conflicts of interest. Union executives don't want to look soft in front of union middle management. Union middle management doesn't want to look soft in front of the union rank and file. Unionized workers don't want to look soft in front of their company management. Company management doesn't want to look soft in front of investors.

I can't blame any side there for posturing or arm-twisting because they have no direct incentive to cooperate.
What happened to DCV and the Brunch? Is there another way to get to it?
Frankj78 profile picture
@Interesting23 I don't think he published today, at least so far at 8:15 west coast time. Easy way to get there is to make him one of the authors you follow. Then click on My Authors at the top of the screen. Go over to Blogs and click on that.
I have to admit I benefited from working in (21 years) and retiring from a unionized plant. Made good money, had good benefits, and it wasn't a sweat shop though I personally worked quite hard because it's what I do. That occasionally caused friction between myself and co-workers. Retired at 62 with 10k/yr pension and cheap medical for me and wife to carry us to Medicare age.

However, the union was always pushing the envelope, many of my co-workers took advantage of the union protection, and the union did everything possible to keep management from managing. Since I left in 2017, the plant has been almost entirely moved to Canada, and 200 guys were left unemployed. Many of them in their 50s. They had it good for a while, I suppose. Now they get to face the real world.
cdgingrich profile picture
@User 52721580 Unions harm businesses and greatly reduce opportunities for employees.
@cdgingrich Its the management of unions, create a law outlawing high pay for union officials if you ask me. Just like health insurance companies must pay out 80% or so, do the same for unions, make it 95%. Paying workers the lowest wages possible isn't a good thing for the country.
costreduction profile picture
@User 52721580 .. It seems that for you, the union's presence was beneficial.

For myself .. not so much. I was a shop steward and found the union's presence to be a corrupt, lazy, cherry-picking collection of poorly educated grifters. And that was on a good day.

As a whole, the majority of employees hated them and were it not for a "National Agreement", the union would have been tossed out with the day's refuse long before I became steward. Frequently, whenever an issue arose requiring resolution between management and staff, management would call in the Union, over the protests of staff -- because of the hated "National Agreement".

In almost every circumstance the Union's presence made matters worse. And back then, we had no choice about handing over our union dues every paycheck. Every week was a reminder of why we hated them so much.
loftguy profile picture
New York State is making a mistake in raising tax rates on high earners. First is the practical problem that people and companies will migrate to lower tax states. But the bigger problem is that there is not the slightest inclination to try to reign in public sector pensions, benefits, early retirement and overtime pay which are all grossly inflated compared to the private sector. This is the same public sector that cannot even put together a decent website to schedule vaccine appointments. So the structural problem of a bloated public sector will continue to drag down the state's potential in the future.
Xempler profile picture
@loftguy My biggest complaint with raising taxes is that I never see any firsthand correlation of improvement in society. Schools continue to fail, infrastructure weakens, first responders are stretched thin, homelessness continues to grow. I think the average person would support tax increases if their was visible cause and effect. I do wish the average consumer would wake up the the fact that any increase in "corporate taxes" is just code for higher consumer prices.
Buyandhold 2012 profile picture
Mandatory anti-union meetings at Amazon?

Sounds like indoctrination to me.
@Buyandhold 2012 It is just spreading wisdom.
@Buyandhold 2012 I've noticed in the wake of a defeat, the union claims all sorts of things you need to take with a grain of salt.
M Elan profile picture
@Buyandhold 2012 You want your job? Go ahead, unionize, and we'll just move somewhere else. Indoctrination 101.
Firing employees who complained of working conditions, mandatory anti union meetings, texts throughout the day, monitoring drop boxes. Expect the NLRB to intervene.This ones coming back.
VoiceofSanitySometimes profile picture

The union will gripe, but they'd be stupid to try to re-run this one. Turning a 70/30 loss into a 60/40 loss doesn't help.

They need to find a more union friendly location and state to do this.
@VoiceofSanitySometimes Yea Alabama not best place to unionize. LOL
VoiceofSanitySometimes profile picture

Alabama was a strong union state at one time. I spent some time many decades ago in the Goodrich plant in Opelika. Never meet a stronger union than the Rubber Workers. But that plant shut down in 2009 (plus or minus a few years).

Bessemer, where this effort was, has a Honda manufacturing plant. Non-union. If the unions couldn't unionize Honda there, what makes them think they could unionize Amazon? Maybe they were hoping Amazon would be an entry into Honda?? IDK, but it all sounds like a dumb strategy.

I have nothing against private sector unions. In today's world, they present both positives and negatives to employees; and if the employees prefer to unionize then they get both.

Unionizing employees in 2021 is a tough task in many areas. People have seen once proud, powerful and productive unions end up destroying jobs and cities, and the result is that unions often have to take a less confrontational tone or they risk frightening the people they want to engage.
blueline profile picture
"Marginal income tax rates could be nearly 52%"

These tax the rich schemes never really raise that much revenue. It's just red meat to their base.
WeenRules profile picture
@blueline Politicians have long known that whenever they rob Peter to pay Paul they can always rely on the vote of Paul. Many of us are changing our lifestyles (in selling assets) and relocating to where our productivity is appreciated.
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