Posts tagged Federal Reserve
Right-to-work facts vs. myths
February 12, 2025 // What’s become evident over the decades is that right-to-work laws are associated with statistically significant gains in employment, particularly manufacturing employment, job opportunities, population growth and economic growth. If New Hampshire adopts a right-to-work law, we would expect to see improvements in all of those areas, along with an improvement in state business tax revenues resulting from the additional business activity. As for freedom vs. coercion, workers have First Amendment rights not to associate with or fund membership organizations that they choose not to join. If workers want to join unions, they should be free to do so.
VIDEO: Eliminating the tipped wage in D.C. has led to higher prices and fewer restaurant jobs.
November 22, 2024 // Voters, Dixon argues, are "on a savior complex trying to save people that didn't need saving in the first place. The tips is the main reason why we got into this industry." Formerly thriving businesses are now grappling with closures, vacant storefronts, staff shortages, and escalating prices.
House panel probes Labor Department’s leak of revised jobs data to Wall Street firms
September 26, 2024 // The House Committee on Education and Workforce, which is chaired by Rep. Virginia Foxx (R-NC), sent a letter early Wednesday morning to the acting secretary of the Labor Department, Julie Su, asking for more information on the botched release of the revised data. “At best, BLS’s botched release of the job numbers caused significant uncertainty and confusion and undermined confidence in the data,” the committee’s letter to Su read.
Commentary: Labor strikes add to Harris union headache after Teamsters snub
September 23, 2024 // The announcement laid bare what could be a major liability for Harris ahead of the election. She is supported by most labor leaders, but rank-and-file members could deny her the presidency if they show up instead for Trump. But Harris also has a second emerging labor headache: Several unions are considering strikes, threatening to upend supply chains weeks out from the November election. Last Friday, more than 30,000 Boeing workers walked off the job, and dockworkers at ports along the Gulf and East coasts are threatening their own strike next month. United Auto Workers President Shawn Fain similarly announced on Tuesday his organization will hold strike authorization votes against auto manufacturer Stellantis.
A New Law Could Affect Your Retirement Side Hustle Income
April 10, 2024 // Kavin owns her own freelance writing and editing business in New Jersey and leads Fight For Freelancers USA, a nonpartisan coalition of freelancers from across the country that spans professions from translation to interior design. Around 20% of group members are ages 55 to 64 and nearly 10% are age 65 and older. Some members turned to freelancing after suffering age discrimination that cost them a traditional job, says Kavin. "They still want to work and earn, and the way they're able to do it is as independent contractors," she says. Kavin says she does well as a freelancer and does not want a traditional job, even if she could find one at her age. "It's a lot harder to find a traditional job in your 50s than in your 30s, especially one with the significantly higher level of income that I've been able to achieve as a freelancer," she says. "If I lose this self-employed business that I just spent 20 years building up, there may be no other place for me to go."
New Law Redefines Employees and Contractors
March 7, 2024 // Data suggest worker misclassification may be the exception rather than the rule in many industries. Surveys consistently show that most independent contractors prefer their independence. Around 79% of them prefer their arrangement over a traditional job, according to the U.S. Bureau of Labor Statistics, while fewer than one in 10 contractors want a traditional work arrangement. "Since a lot of older Americans do seek out these flexible forms of work as they near retirement — or after — this rule will likely lead to reduced work opportunities for them." Implemented in 2020 when acting U.S. Labor Secretary Su was California's labor commissioner, California's Assembly Bill 5, or AB5, similarly set out to protect workers by getting more people on the payrolls. But many Californians working as legitimate contractors suddenly lost income after businesses and nonprofits stopped working with them as freelancers and didn't hire them as employees.
25 states will hike minimum wage in 2024
December 22, 2023 // Sean Higgins, an analyst at the libertarian Competitive Enterprise Institute, said many food and hospitality workers already earn more than their state minimum. He noted that employers have raised salaries to compete for a shrinking pool of applicants. “Raising state and local rates does hurt the smaller businesses, the classic mom and pop enterprises, who will employ local high school or college-age kids if they can but may not be able to justify that if the minimum rate increases,” Mr. Higgins said.
Wages are rising. Jobs are plentiful. Nobody’s happy.
November 21, 2023 //
Billionaire investor slams President Biden for his UAW union support
October 5, 2023 // Barry Sternlicht, CEO of investment fund Starwood Capital, sees Biden's support of the UAW as counterproductive to his fight against inflation. "The UAW is on strike, they're asking for 40% wage increases. What's wrong with the Biden administration, why is he so unpopular? It's inflation. It's the economy. People have less in their pockets," Sternlicht told CNBC Friday. "But now he is backing unions who are forcing wages up, which is creating the inflation that he has to kill."
American workers are becoming less productive. That’s bad news for the Fed
June 16, 2023 // At its most basic level, labor productivity is a measure of the value of the goods and services produced by a company compared with the amount of labor used to produce that output. Productivity moves in the opposite direction to wages and so if it remains depressed, there will be upward pressure on labor costs — and ultimately on inflation, said Lisa Shalett, CIO of Morgan Stanley Wealth Management. That’s a big deal to Fed officials who have spoken publicly about their fears of a wage-price spiral — the feedback loop that drives inflation higher as people make more money and go out and spend it. “The crosscurrents for the Fed are complex. Big bets about the pace of the hiking path are ill advised,” said Shalett.